https://www.taxtmi.com/caselaws?id=69907 In block assessment, undisclosed income can be brought to tax only on reliable search evidence with a clear nexus to the assessee. An unsigned, retracted third-party memorandum and loose sheets, unsupported by corroboration or independent proof of payment, were held insufficient to sustain addition for alleged undisclosed investment. For the alleged land sale, the recorded agreement found in search matched the books and supported only the income already disclosed, while a later agreement naming a higher consideration was not reliable evidence against the assessee. The additions for undisclosed short-term capital gain and interest were therefore deleted. en-us Fri, 08 Dec 2006 00:00:00 +0530 Sat, 10 Feb 2024 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69907 In block assessment, undisclosed income can be brought to tax only on reliable search evidence with a clear nexus to the assessee. An unsigned, retracted third-party memorandum and loose sheets, unsupported by corroboration or independent proof of payment, were held insufficient to sustain addition for alleged undisclosed investment. For the alleged land sale, the recorded agreement found in search matched the books and supported only the income already disclosed, while a later agreement naming a higher consideration was not reliable evidence against the assessee. The additions for undisclosed short-term capital gain and interest were therefore deleted. Case-Laws Income Tax Fri, 08 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69907