https://www.taxtmi.com/caselaws?id=257339 Retrospective block-assessment provisions permitted reduction of income not chargeable to tax only where the amount was traceable to books of account or other contemporaneous records maintained before search; the benefit was therefore conditional, and the reduction was available subject to verification of supporting entries. Jewellery received from close family members as marriage gifts was not liable to be treated as unexplained investment merely because purchase invoices were absent in the recipient's possession, particularly where the gift explanation was plausible and undisputed. The addition under section 69 was therefore unsustainable, while the block-assessment adjustment depended on proof of the recorded source. en-us Mon, 23 Feb 2015 00:00:00 +0530 Sun, 03 May 2015 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257339 Retrospective block-assessment provisions permitted reduction of income not chargeable to tax only where the amount was traceable to books of account or other contemporaneous records maintained before search; the benefit was therefore conditional, and the reduction was available subject to verification of supporting entries. Jewellery received from close family members as marriage gifts was not liable to be treated as unexplained investment merely because purchase invoices were absent in the recipient's possession, particularly where the gift explanation was plausible and undisputed. The addition under section 69 was therefore unsustainable, while the block-assessment adjustment depended on proof of the recorded source. Case-Laws Income Tax Mon, 23 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257339