https://www.taxtmi.com/caselaws?id=65230 Transactions reflected in regular books and supported by account payee payments, transfer of shares, and pre-search return disclosure could not be treated as undisclosed income in block assessment absent incriminating material showing sham or bogus losses; the share loss was therefore accepted as genuine. A marginal difference between the valuation report and book value, without rejection of the books or proof of specific unrecorded investment, was insufficient to sustain an addition for unexplained renovation expenditure, so that addition was deleted. On the surcharge issue, the Tribunal noted the view that surcharge was not leviable on tax computed under Chapter XIV-B, with no surviving basis once the additions failed. en-us Wed, 17 Jan 2001 00:00:00 +0530 Mon, 14 Feb 2011 13:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65230 Transactions reflected in regular books and supported by account payee payments, transfer of shares, and pre-search return disclosure could not be treated as undisclosed income in block assessment absent incriminating material showing sham or bogus losses; the share loss was therefore accepted as genuine. A marginal difference between the valuation report and book value, without rejection of the books or proof of specific unrecorded investment, was insufficient to sustain an addition for unexplained renovation expenditure, so that addition was deleted. On the surcharge issue, the Tribunal noted the view that surcharge was not leviable on tax computed under Chapter XIV-B, with no surviving basis once the additions failed. Case-Laws Income Tax Wed, 17 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65230