https://www.taxtmi.com/caselaws?id=294303 In search-related assessments, rough memo books by themselves could not justify treating the difference from regular books as undisclosed income where no independent material showed suppression, so the excess credit addition was not sustained. Seized records showing unrecorded milk-product sales did establish suppressed turnover, but the undisclosed income was to be limited to the profit element by applying an appropriate gross profit rate. Income already taxed in block assessment could not be assessed again in regular proceedings, avoiding double taxation. A limited re-examination of gross profit rate and a partial disallowance of advertisement es were left undisturbed. en-us Wed, 15 Dec 1999 00:00:00 +0530 Mon, 05 Apr 2021 11:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294303 In search-related assessments, rough memo books by themselves could not justify treating the difference from regular books as undisclosed income where no independent material showed suppression, so the excess credit addition was not sustained. Seized records showing unrecorded milk-product sales did establish suppressed turnover, but the undisclosed income was to be limited to the profit element by applying an appropriate gross profit rate. Income already taxed in block assessment could not be assessed again in regular proceedings, avoiding double taxation. A limited re-examination of gross profit rate and a partial disallowance of advertisement es were left undisturbed. Case-Laws Income Tax Wed, 15 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294303