https://www.taxtmi.com/caselaws?id=311126 Seized financial records must be read as a whole, so credit entries cannot be relied on while ignoring corresponding debit entries such as interest expenditure and bad debts; the net income is to be recomputed and apportioned in the agreed family ratio. On-money from a property sale can be brought to tax only to the extent of the assessee's recorded share, after allowing proved expenditure, but it does not qualify for concessional long-term capital gains treatment when assessed as undisclosed income. Additions based only on loose sheets or uncorroborated slips are not sustainable. Interest under section 234A remains mandatory in principle, subject to relief for the period when seized material was not supplied. en-us Fri, 25 May 2018 00:00:00 +0530 Sat, 09 Dec 2023 08:56:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311126 Seized financial records must be read as a whole, so credit entries cannot be relied on while ignoring corresponding debit entries such as interest expenditure and bad debts; the net income is to be recomputed and apportioned in the agreed family ratio. On-money from a property sale can be brought to tax only to the extent of the assessee's recorded share, after allowing proved expenditure, but it does not qualify for concessional long-term capital gains treatment when assessed as undisclosed income. Additions based only on loose sheets or uncorroborated slips are not sustainable. Interest under section 234A remains mandatory in principle, subject to relief for the period when seized material was not supplied. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311126