https://www.taxtmi.com/caselaws?id=216211 In block assessment, additions for alleged shortfall in agricultural income and cash credits cannot be sustained without search material linking the amounts to undisclosed income, and confirmations from creditors supported deletion. Income estimated at a fixed percentage under section 44AF was treated as covering business allowances, so no separate depreciation deduction survived. Jewellery capital introduced by partners was also accepted where the related income had been disclosed under VDIS and the disclosure was accepted by the competent authority, with no contrary search evidence. The commentary states the resulting position that search-based additions failed on the facts, while the depreciation claim was rejected against estimated income. en-us Fri, 29 Jun 2012 00:00:00 +0530 Sat, 01 Sep 2012 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216211 In block assessment, additions for alleged shortfall in agricultural income and cash credits cannot be sustained without search material linking the amounts to undisclosed income, and confirmations from creditors supported deletion. Income estimated at a fixed percentage under section 44AF was treated as covering business allowances, so no separate depreciation deduction survived. Jewellery capital introduced by partners was also accepted where the related income had been disclosed under VDIS and the disclosure was accepted by the competent authority, with no contrary search evidence. The commentary states the resulting position that search-based additions failed on the facts, while the depreciation claim was rejected against estimated income. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216211