https://www.taxtmi.com/caselaws?id=249011 The High Court addressed disputes over the application of Gross profit rate in income tax assessment, addition of unexplained investment in shares, telescoping of income, and surrendered income during survey operations. It clarified the need for a direct nexus between sale and purchase of shares for telescoping, directing verification before allowing benefits. The Court upheld the Tribunal's decision to credit surrendered income in the assessee's net income computation, emphasizing once surrendered, credit cannot be denied. en-us Mon, 19 May 2014 00:00:00 +0530 Wed, 02 Jul 2014 11:46:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249011 The High Court addressed disputes over the application of Gross profit rate in income tax assessment, addition of unexplained investment in shares, telescoping of income, and surrendered income during survey operations. It clarified the need for a direct nexus between sale and purchase of shares for telescoping, directing verification before allowing benefits. The Court upheld the Tribunal's decision to credit surrendered income in the assessee's net income computation, emphasizing once surrendered, credit cannot be denied. Case-Laws Income Tax Mon, 19 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249011