https://www.taxtmi.com/caselaws?id=64089 In block assessment, additions must rest on seized evidence and proved facts, not on mere valuation conjecture or unsupported estimates. Entries in diaries, papers and trial balances were sustained where they showed unrecorded receipts or expenditure, were admitted, or were otherwise linked to undisclosed income; dumb documents and one-sided valuation reports did not justify additions. Peak credit for unrecorded cash dealings had to be computed from the actual running transactions and reduced where the record so required. Telescoping and set-off of unaccounted receipts against related expenditure or investments were accepted where a real factual nexus was shown, with recomputation directed on that basis. en-us Fri, 29 Jan 1999 00:00:00 +0530 Thu, 03 Feb 2011 17:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64089 In block assessment, additions must rest on seized evidence and proved facts, not on mere valuation conjecture or unsupported estimates. Entries in diaries, papers and trial balances were sustained where they showed unrecorded receipts or expenditure, were admitted, or were otherwise linked to undisclosed income; dumb documents and one-sided valuation reports did not justify additions. Peak credit for unrecorded cash dealings had to be computed from the actual running transactions and reduced where the record so required. Telescoping and set-off of unaccounted receipts against related expenditure or investments were accepted where a real factual nexus was shown, with recomputation directed on that basis. Case-Laws Income Tax Fri, 29 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64089