Allowing the petition the Court held that valuation report was available before the date of search. No incriminating material was seized during search hence addition as undisclosed investment is unsustainable. (BP 1-4 -1989 to 31-03-2000)
Babu Manoharan v. CIT (2019) 415 ITR 83 / 266 Taxman 347/ 311 CTR 354/ 183 DTR 17(Mad.)(HC)
S. 158BC : Block assessment–Valuation of cost of construction- Valuation report was available before the date of search-No incriminating material was seized during search-Addition is unsustainable. [S. 60, 132]