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2009 (11) TMI 22 - HC - Income TaxSearch - Legality and validity of notice u/s 148 – change of opinion – re assessment versus block assessment – held that - the income which can be included in the block assessment is only such income which is directly evidenced by the material found during the search and does not include the income which has been discovered on the basis of post-search enquiries made during the block assessment proceeding. However, after the amendment made by the Finance Act, 2002, the assessment of undisclosed income can only be based on the evidence found in the search and the material or information gathered in post-search enquiry made on the basis of the evidence found in the search. - The issue whether the petitioner is entitled for deduction as a 'trader exporter' or a 'manufacturer exporter' having not been addressed in the block assessment order even, it is a clear case of initiation of reassessment proceedings. – proceedings u/s 148 are legal
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