https://www.taxtmi.com/caselaws?id=55324 In block assessment, additions must be supported by search-found material and related evidence, so company-level additions for stock differences, unsecured loans, deposits, share application money and cash/trial balance discrepancies were partly deleted or remanded where such material or proper confrontation was lacking. Unexplained cash deposits were assessed substantively in the hands of the HUFs because the deposits stood in their names and they failed to prove the source; the protective additions in the companies' hands were deleted after the corporate veil was treated as secondary to the real recipient of income. Inflated agricultural income was upheld where the HUFs admitted false lease claims and produced no reliable records. Chapter VIA deductions remained available for undisclosed income, subject to statutory conditions. en-us Thu, 30 May 2002 00:00:00 +0530 Thu, 25 Nov 2010 15:06:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55324 In block assessment, additions must be supported by search-found material and related evidence, so company-level additions for stock differences, unsecured loans, deposits, share application money and cash/trial balance discrepancies were partly deleted or remanded where such material or proper confrontation was lacking. Unexplained cash deposits were assessed substantively in the hands of the HUFs because the deposits stood in their names and they failed to prove the source; the protective additions in the companies' hands were deleted after the corporate veil was treated as secondary to the real recipient of income. Inflated agricultural income was upheld where the HUFs admitted false lease claims and produced no reliable records. Chapter VIA deductions remained available for undisclosed income, subject to statutory conditions. Case-Laws Income Tax Thu, 30 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55324