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2003 (4) TMI 61 - HC - Income TaxSearch and seizure operation was carried out under section 132 – block assessment - notice under section 158BC was issued - Emphasis has been given on the fact that evidence must have been found during the search and only thereafter the question of gathering any material information would arise based on the search inquiry. It is not disputed at the Bar, that during the search in the premises of the assessee nothing was found with regard to the investment in the house. However, it is contended by Mr. Arya that the valuation report of the Departmental Valuation Officer was obtained and was confronted to the assessee but he was not able to give any explanation and, therefore, it should be accepted as evidence. we do not find any substantial question of law involved in this appeal.
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