https://www.taxtmi.com/caselaws?id=329271 In block assessment, undisclosed income must rest on material found in search and related evidence. The seized agreements for sale, affidavits, receipts, possession receipts, powers of attorney, wills and MoUs were examined; the affidavits and sale agreements supported the stated consideration for the lands covered by the agreements, and no seller was examined to discredit them. For the lands covered by the MoUs, the seized affidavits stated that no sale price had been received at the rates mentioned, and no independent evidence showed actual payment by the assessee. On that basis, the estimated addition could not be sustained under the block assessment framework. en-us Fri, 10 Jun 2016 00:00:00 +0530 Sun, 26 Jun 2016 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329271 In block assessment, undisclosed income must rest on material found in search and related evidence. The seized agreements for sale, affidavits, receipts, possession receipts, powers of attorney, wills and MoUs were examined; the affidavits and sale agreements supported the stated consideration for the lands covered by the agreements, and no seller was examined to discredit them. For the lands covered by the MoUs, the seized affidavits stated that no sale price had been received at the rates mentioned, and no independent evidence showed actual payment by the assessee. On that basis, the estimated addition could not be sustained under the block assessment framework. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329271