https://www.taxtmi.com/caselaws?id=67112 In block assessment, undisclosed income must rest on evidence found in the assessee's search and properly linked material; third-party seized documents cannot sustain an addition without corroboration and an effective opportunity to rebut, so the addition based on alleged financier transactions was deleted. For unrecorded purchases, only the real profit element is taxable, not a gross profit estimate, and the returned undisclosed income was available for set-off, so the further addition failed. A small repayment addition was also absorbed by the returned undisclosed income and deleted. en-us Fri, 17 Feb 2006 00:00:00 +0530 Thu, 21 Mar 2024 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67112 In block assessment, undisclosed income must rest on evidence found in the assessee's search and properly linked material; third-party seized documents cannot sustain an addition without corroboration and an effective opportunity to rebut, so the addition based on alleged financier transactions was deleted. For unrecorded purchases, only the real profit element is taxable, not a gross profit estimate, and the returned undisclosed income was available for set-off, so the further addition failed. A small repayment addition was also absorbed by the returned undisclosed income and deleted. Case-Laws Income Tax Fri, 17 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67112