https://www.taxtmi.com/caselaws?id=207450 In block assessment under Chapter XIV-B, undisclosed income must be based on seized evidence or material relatable to such evidence, and not on independent or speculative estimation. Additions based on a computer printout were deleted where the entry was accepted as an error on surrounding facts. Admissible depreciation could still be claimed in block assessment because the Act applies unless expressly excluded. Estimated income for a broken period, and an estimated unexplained construction cost, were both rejected for want of seized material supporting those computations. The assessee succeeded on the principal issues, and the Revenue's challenge failed. en-us Tue, 30 Mar 2010 00:00:00 +0530 Sat, 15 Dec 2012 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207450 In block assessment under Chapter XIV-B, undisclosed income must be based on seized evidence or material relatable to such evidence, and not on independent or speculative estimation. Additions based on a computer printout were deleted where the entry was accepted as an error on surrounding facts. Admissible depreciation could still be claimed in block assessment because the Act applies unless expressly excluded. Estimated income for a broken period, and an estimated unexplained construction cost, were both rejected for want of seized material supporting those computations. The assessee succeeded on the principal issues, and the Revenue's challenge failed. Case-Laws Income Tax Tue, 30 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207450