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2011 (11) TMI 489 - HC - Income TaxBlock assessment - Search and seizure - two documents seized during search - case referred to DVO - Held that:- Apart from these two documents, there are no other material found during search and the un-disclosure of income had to be considered only with reference to said two documents with reference to the expenses disclosed in the returns. Therefore, the assessing officer was not at all justified in passing the order of his assessment on the basis of DVOs report and adding some more amount on his own to the said valuation made by the DVO, which was as on the date of inspection of the premises constructed by the assessee. Thus the finding of the appellate authority and the ITAT that the assessment made under Chapter 14B is not based upon the material seized during search is justified and no other conclusion could have been arrived at having regard to the documents seized during search - Decided in favor of assessee.
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