https://www.taxtmi.com/caselaws?id=188368 In block assessment proceedings, shortage of silver, diamonds and silver articles was held insufficient by itself to prove unaccounted sales, and the corresponding addition was deleted because the disclosed undisclosed business profit already covered it. The excess gold stock issue and the accrued interest on KVPs and NSCs were remanded for fresh, reasoned adjudication. The estimated initial investment for carrying on unaccounted business was upheld as a reasonable estimate based on the business scale. The disallowance of unproved purchases, the consequential reduction in undisclosed income, the under-valuation addition, and the protective addition on disputed seized documents were deleted, as seized material had to be read holistically and the presumption from possession was rebuttable. en-us Mon, 06 Jun 2011 00:00:00 +0530 Mon, 28 Nov 2016 17:13:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188368 In block assessment proceedings, shortage of silver, diamonds and silver articles was held insufficient by itself to prove unaccounted sales, and the corresponding addition was deleted because the disclosed undisclosed business profit already covered it. The excess gold stock issue and the accrued interest on KVPs and NSCs were remanded for fresh, reasoned adjudication. The estimated initial investment for carrying on unaccounted business was upheld as a reasonable estimate based on the business scale. The disallowance of unproved purchases, the consequential reduction in undisclosed income, the under-valuation addition, and the protective addition on disputed seized documents were deleted, as seized material had to be read holistically and the presumption from possession was rebuttable. Case-Laws Income Tax Mon, 06 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188368