https://www.taxtmi.com/caselaws?id=71914 In block assessment, a substantial stock shortage found during search supported an inference of suppressed sales where the assessee failed to substantiate the claimed explanation, so estimation of gross profit on deemed sales was upheld. Seized papers recovered from a partner's residence were treated as specific and connected business material, not as vague documents, and were sufficient to support additions for unexplained investment and related profit in the block assessment. The majority view sustained both additions because the explanation offered did not displace the inference arising from the search material and the documents. en-us Tue, 23 Dec 2008 00:00:00 +0530 Thu, 28 Apr 2011 10:29:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71914 In block assessment, a substantial stock shortage found during search supported an inference of suppressed sales where the assessee failed to substantiate the claimed explanation, so estimation of gross profit on deemed sales was upheld. Seized papers recovered from a partner's residence were treated as specific and connected business material, not as vague documents, and were sufficient to support additions for unexplained investment and related profit in the block assessment. The majority view sustained both additions because the explanation offered did not displace the inference arising from the search material and the documents. Case-Laws Income Tax Tue, 23 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71914