https://www.taxtmi.com/caselaws?id=204386 In block assessment, undisclosed income must be established from search material with independent corroboration; mere loose papers and a retracted search statement are insufficient. The assessee showed that scrap sales were recorded in the books, buyers denied any cash over and above billed amounts, comparable market rates supported the pricing, and no unaccounted cash or assets were found. On that basis, the addition for alleged unaccounted scrap sales was deleted. en-us Fri, 16 Jul 2010 00:00:00 +0530 Wed, 08 Aug 2012 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204386 In block assessment, undisclosed income must be established from search material with independent corroboration; mere loose papers and a retracted search statement are insufficient. The assessee showed that scrap sales were recorded in the books, buyers denied any cash over and above billed amounts, comparable market rates supported the pricing, and no unaccounted cash or assets were found. On that basis, the addition for alleged unaccounted scrap sales was deleted. Case-Laws Income Tax Fri, 16 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204386