2008 (8) TMI 510 - HC - Income Tax

Block Assessment- The Assessing Officer had found undisclosed investment in property. A block assessment was made. Held that- the Tribunal found that there was no evidence found during search showing any unaccounted investment. Thus there is no addition could be made in the block assessment on the basis of the valuation report of District Valuation Officer.

Summary

The Delhi High Court dismissed an appeal related to undisclosed property investment during the block period April 1, 1996, to October 4, 2002. The Income-tax Appellate Tribunal upheld the deletion of the addition made by the Assessing Officer, as there was no evidence found during search to support the undisclosed investment. The Tribunal ruled that block assessment must be based on evidence found during search, and in this case, no such evidence existed. The appeal was dismissed as no substantial question of law arose.