https://www.taxtmi.com/caselaws?id=63788 Block assessment under Chapter XIV-B can tax only undisclosed income found through search material; recorded share transactions supported by regular books and unsupported by any incriminating evidence could not be recharacterised as undisclosed income. On these facts, the loss on sale of shares was treated as a genuine business loss rather than a concealed or bogus transaction, and the attempted addition was unsustainable. The commentary also notes that surcharge was not leviable on undisclosed income assessed under Chapter XIV-B, since section 113 did not authorise a separate surcharge in such block assessments. en-us Thu, 11 Sep 2003 00:00:00 +0530 Tue, 01 Feb 2011 18:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63788 Block assessment under Chapter XIV-B can tax only undisclosed income found through search material; recorded share transactions supported by regular books and unsupported by any incriminating evidence could not be recharacterised as undisclosed income. On these facts, the loss on sale of shares was treated as a genuine business loss rather than a concealed or bogus transaction, and the attempted addition was unsustainable. The commentary also notes that surcharge was not leviable on undisclosed income assessed under Chapter XIV-B, since section 113 did not authorise a separate surcharge in such block assessments. Case-Laws Income Tax Thu, 11 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63788