TMI Blog2014 (11) TMI 267X X X X Extracts X X X X X X X X Extracts X X X X ..... inating material found during survey - on the basis of the incriminating material found in the course of survey merely because the same was put to the Assessee and his statement was recorded subsequent to the search, it cannot be held to be relatable to the Assessee - the authorities were justified in holding that the material found in the course of survey can become the subject matter of regular assessment and it cannot become the subject matter of Block assessment – thus, the order of the Tribunal is upheld – Decided against revenue. - ITA No. 926 OF 2008 C/W ITA NOS. 923, 927 & 924 OF 2008 - - - Dated:- 10-10-2014 - MR. N. KUMAR AND MR. B. MANOHAR, JJ. For the Appellant : Sri K V Aravind, Adv. For the Respondent : Sri S Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was kept under the custody of the Assessee was also inventorised. Another panchanama was drawn on 08.11.2002, in respect of search, which was commenced at 12.10 PM and concluded at 1.00 PM. During the proceedings conducted on 08.11.2002, statement of Sri. Sudheer Prakash Shetty was recorded the last panchanama was drawn on 08.11.2002. Statement of Sri. K. Balakrishna was recorded on 20.11.2002. Such statement was not recorded during the continuation of search proceedings and it is clear from the aforesaid materials no incriminating materials were seized during the said search. 5. It is not in dispute that on 12.09.2002, a survey was conducted in the business premises of the Assessee. During which incriminating materials were identified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved by the said order of the Tribunal the revenue is in appeal. 8. We have heard the learned counsel for tlhe parties. 9. It is not in dispute that during the search no undisclosed income was detected. No seizure of incriminating materials was made. It is only in the course of survey, the incriminating material was found. That material is not relatable to any incriminating material found during survey. Therefore, on the basis of the incriminating material found in the course of survey merely because the same was put to the Assessee and his statement was recorded subsequent to the search, the same cannot be held to be relatable to the Assessee. Therefore the authorities were justified in holding that the said material found in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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