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2010 (5) TMI 484 - AT - Income TaxBlock assessment - undisclosed income – Search - key of the property and the property in was admittedly belonging to the assessee – Assessee could not explain the source of investment – no dispute that investment in the property was also not shown to the Revenue Department prior to the search - assessee explained that investment in property after inheriting cash amount through the Will - assessee in his statement did not explain the execution of Will or inheritance of any amount through the Will - Will is unregistered - authorities justified in making the addition on account of undisclosed income in the block period - investment was also not shown to the Revenue Department prior to the search and the assessee has not established that he had any intention to show the above investment to the Revenue Department r. Admittedly, reference to the DVO is made after the search on 18-10-2005 to make the valuation of the property. No evidence is found in the course of search or requisition or in post search enquiries that the assessee made any further investment in the property in question. The DVO filed his report of calculation on 25-11-2005. Thus, the reference to the DVO and his report of valuation cannot be treated as evidence found during the search or requisition u/s 132A of the IT Act. - orders of the authorities modified, restrict the addition to Rs. 4 lacs as against Rs. 15,20,000 made by the authorities – Appeal partly allowed
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