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2016 (6) TMI 959 - HC - Income TaxApplicability of provisions of Section 158BD - block assessment - Whether ITAT was right in law in holding that provisions of Section 158BD can arise out of material or evidence found during the course of the survey proceedings under Section 133A ? - Held that:- In the present case, admittedly, no evidence indicating charging of “on money” by the assessee on the sale of shop was found during the search. Only one document, viz. Deed of partnership, was found, which was not sufficient to prove the alleged irregularity on the part of assessee. Therefore, the Assessing Officer ought not to have considered this issue in block assessment proceedings and the Tribunal also committed serious error in invoking Section 158BD of the Act as the case would lie under Section 158BC of the Act. Consequently, the Question raised in this appeal is answered in the negative, i.e. in favour of the assessee and against the Revenue.
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