https://www.taxtmi.com/caselaws?id=252412 In search-related block assessment proceedings, additions based on seized papers, gold deposits in the names of third parties, and alleged undisclosed business activity were examined on the strength of the surrounding evidence. The seized paper relating to peak investment and estimated profit was treated as reflecting unrecorded sales, while the explanation that it was merely a stock-check paper was rejected. The addition for gold deposits was upheld because one explanation was inconsistent and another person was not produced for verification. By contrast, additions linked to alleged pawning activity and seized design order books were deleted where no corroborating material existed or the concerned persons supported the assessee's explanation. The findings turned on factual appreciation of search material and witness evidence. en-us Fri, 17 Oct 2014 00:00:00 +0530 Tue, 21 Oct 2014 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252412 In search-related block assessment proceedings, additions based on seized papers, gold deposits in the names of third parties, and alleged undisclosed business activity were examined on the strength of the surrounding evidence. The seized paper relating to peak investment and estimated profit was treated as reflecting unrecorded sales, while the explanation that it was merely a stock-check paper was rejected. The addition for gold deposits was upheld because one explanation was inconsistent and another person was not produced for verification. By contrast, additions linked to alleged pawning activity and seized design order books were deleted where no corroborating material existed or the concerned persons supported the assessee's explanation. The findings turned on factual appreciation of search material and witness evidence. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252412