TMI Blog2010 (8) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer - based on the DVO's report could not be sustained as no adverse material had been found during the search – Held that: - since the details of the properties had already been disclosed under the VDIS, it cannot be said that the Department came in possession of any information which it did not possess earlier. - - - - - Dated:- 17-8-2010 - DIPAK MISRA, MANMOHAN JJ JUDGMENT Manmohan J.- The present appeal has been filed under section 260A of the Income-tax Act, 1961 (for brevity "the Act, 1961") challenging the order dated September 11, 2009 passed by the Income-tax Appellate Tribunal (in short "the Tribunal") in I. T. A. No. 66/Del/2001, for the block period April 1, 1988 to A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nged the Commissioner of Income-tax (Appeals)'s order, which was dismissed by the Tribunal by observing as under : "63 . . . Being aggrieved, the assessee carried the matter in the appeal before the learned Commissioner of Income-tax (Appeals) who has deleted this addition on the basis that the assessee in fact has purchased the property from M/s. Sam Aviation (P) Ltd. where the assessee was also a director. It is also noted by him that the pur- chase was made by M/s. Sam Aviation (P) Ltd. and in the case of company, there is no action taken for extra payment. It is also noted by him that there is no evidence that action has been taken in the hands of the seller for extra receipts. It is also submitted that there was no material found d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt's decision in CIT v. Mukundray K. Shah [2007] 290 ITR 433 to contend that the block assess- ment of undisclosed income can be based on the evidence found in the search and/or material or information gathered in post-search inquiries made on the basis of evidence found in the search. 6. Mr. Piyush Kaushik, learned counsel for the respondent-assessee, con- tended that no addition could be made by the Assessing Officer in the absence of any incriminating evidence found during the search. He sub- mitted that no adverse material was found during the search which could show that the respondent-assessee had made more investment in the property than what had been declared in the sale deed and consequently, no reference could be made to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not an information and cannot be relied upon in the absence of other corroborative evidence (See K. P. Varghese v. ITO [1981] 131 ITR 597 (SC), Civil Appeal No. 9468 of 2003 (Asst. CIT v. Dhariya Construction Co. [2010] 328 ITR 515 (SC)) decided by the apex court on February 16, 2010, CIT v. Shakuntala Devi [2009] 316 ITR 46 (Delhi), CIT v. Ashok Khetrapal [2007] 294 ITR 143 (Delhi) and CIT v. Manoj Jain [2006] 287 ITR 285 (Delhi). 10. Further, the reliance of learned counsel for the Revenue on the Supreme Court's decision in Mukundray K. Shah [2007] 290 ITR 433 is misplaced. In the said case, the entire picture regarding the working of circular trading became apparent only after seeing the cash flow statement which emerged in the inqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
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