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2010 (1) TMI 717 - HC - Income TaxBlock assessment - material or evidence gathered in the course of search in the place of another person - Held that:- All what the assessing officer has done is rejection of cash flow statement and estimation of income based on investment made by the assessee in the Hotel business and once assessment proceedings are initiated under Section 158BD based on evidence found in the course of search about undisclosed income of the person other than the person searched, then it would be open to the assessing officer to make use of any other information available with him or collected by him for making block assessment for such period. Since the finding of the Tribunal that assessment is solely based on cash flow statement furnished by the assessee is factually incorrect and since the assessment is based on information collected in the form of Balance Sheet and other documents of the firm, M/s. Hotel Indraprastha seized from Anandan in the course of search carried out in his premises, the block assessment under Section 158BD read with Section 158BD is tenable as found by the CIT (Appeals). - Decided in favor of revenue.
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