https://www.taxtmi.com/caselaws?id=13668 Customs valuation and an allegation of underinvoicing do not, by themselves, justify addition of income unless there is material showing that the assessee actually received more than the invoiced price. The Tribunal accepted that no evidence proved any extra receipt, and the Revenue also failed to show that the books of account were incorrect. A mere inability to produce old books later did not prove undisclosed income. On that footing, the additions could not be sustained and the assessee succeeded. en-us Wed, 18 Apr 2007 00:00:00 +0530 Wed, 01 Jul 2009 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13668 Customs valuation and an allegation of underinvoicing do not, by themselves, justify addition of income unless there is material showing that the assessee actually received more than the invoiced price. The Tribunal accepted that no evidence proved any extra receipt, and the Revenue also failed to show that the books of account were incorrect. A mere inability to produce old books later did not prove undisclosed income. On that footing, the additions could not be sustained and the assessee succeeded. Case-Laws Income Tax Wed, 18 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13668