https://www.taxtmi.com/caselaws?id=467360 Uncorroborated computer sheets and loose papers seized from a third party and not made available for cross examination cannot be treated as reliable material against an assessee; such third party material lacks admissible evidentiary value unless corroborated, and adverse inference is precluded. Where on money or unaccounted receipts are accepted but expenditure cannot be independently established, taxable income is to be estimated by applying a reasonable net profit rate to those receipts; the balance of gross receipts is not taxed as income. The result limits use of third party seized documents and prescribes net profit estimation for on money receipts. en-us Tue, 07 Mar 2023 00:00:00 +0530 Mon, 16 Mar 2026 12:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467360 Uncorroborated computer sheets and loose papers seized from a third party and not made available for cross examination cannot be treated as reliable material against an assessee; such third party material lacks admissible evidentiary value unless corroborated, and adverse inference is precluded. Where on money or unaccounted receipts are accepted but expenditure cannot be independently established, taxable income is to be estimated by applying a reasonable net profit rate to those receipts; the balance of gross receipts is not taxed as income. The result limits use of third party seized documents and prescribes net profit estimation for on money receipts. Case-Laws Income Tax Tue, 07 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467360