https://www.taxtmi.com/caselaws?id=217454 In block assessment proceedings, unsupported and unusually high sales return claims may be restricted on reasonable estimation where the books are unreliable and seized material does not support the claim; here, the return claim was confined to 5%. Out-of-book sales can justify an inference of corresponding undisclosed purchase investment where the turnover could not be achieved otherwise; the addition was sustained on that basis. Gross profit rates applied after reducing the undisclosed sales figure were upheld because no infirmity was found in the recalculation. A small standalone addition based on a seized third-party sale bill was deleted as unnecessary in light of the overall treatment of undisclosed sales. en-us Fri, 13 Jul 2012 00:00:00 +0530 Fri, 07 Sep 2012 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217454 In block assessment proceedings, unsupported and unusually high sales return claims may be restricted on reasonable estimation where the books are unreliable and seized material does not support the claim; here, the return claim was confined to 5%. Out-of-book sales can justify an inference of corresponding undisclosed purchase investment where the turnover could not be achieved otherwise; the addition was sustained on that basis. Gross profit rates applied after reducing the undisclosed sales figure were upheld because no infirmity was found in the recalculation. A small standalone addition based on a seized third-party sale bill was deleted as unnecessary in light of the overall treatment of undisclosed sales. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217454