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2014 (9) TMI 52 - HC - Income TaxBlock assessment made – Deletion of addition made by Tribunal – Undervaluation of cost of land and building - whether on the basis of the material collected subsequently and that too during the course of the block assessment proceedings u/s 158BC of the Act, such addition could have been made - Held that:- The AO directed to make addition being the difference of value of land and the cost of construction with respect to the building ‘Ravi Darshan’ on the basis of the report of the District Valuation Officer, which was obtained during the course of the block assessment proceedings – Following the decision in Commissioner of Income-tax Vs. Kantilal B. Kansara (HUF) [2010 (8) TMI 741 - Gujarat High Court ] - addition u/s 158BD of the Act can be made only in respect of the material disclosed at the time of search or pursuant to any inquiry made in relation to the search - the addition was made by the AO solely based upon the report made by the District Valuation Officer, which was referred during the course of the assessment proceedings - the report of the DVO cannot be stated to be material found during the course of the search and addition made on the basis of the District Valuation Officer’s report was not permissible – thus, the order of the Tribunal is upheld – Decided against Revenue.
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