Allowing the appeal of the revenue the Court held that ; while it is a cardinal principle of law that in order to add any income in the block assessment, evidence of such income must be found in the course of the search u/s 132, any material or evidence found/collected in a survey u/s 133A which has been simultaneously made at the premises of a connected person can also be utilized while making the Block Assessment. The same would fall under the words “and such other materials or information as are available with the Assessing Officer and relatable to such evidence” occurring in s. 158 BB. ( CA NO. 10164 of 2010, dt. 02.05.2018)
CIT v. S. Ajit Kumar ( 2018)404 ITR 526/ 165 DTR 281/302 CTR 177 / 255 Taxman 286 (SC) , www.itatonline.org CIT v. Braj Binani ( 2018) 404 ITR 526/ 165 DTR 281/302 CTR 177/ 255 Taxman 286 (SC) , www.itatonline.org CIT v. P.K .Ganeshwar ( 2018) 404 ITR 526/165 DTR 281/302 CTR 177/ 255 Taxman 286 (SC) , www.itatonline.org CIT v.Yashoda Shetty ( 2018) 404 ITR 526/ 165 DTR 281/302 CTR 177/ 255 Taxman 286 (SC) , www.itatonline.org/Editorial: Decision in CIT v. S. Ajit Kumar ( 2008) 300 ITR 152 ( Mad) (HC ), CIT v. P. K. Ganeshwar ( 2009) 308 ITR 124 ( Mad) (HC) , CIT v. Yashoda Shetty ( 2015) 371 ITR 75 ( Karn) is reversed
S. 158BB: Block Assessment-Survey- Material found in the course of search and survey which has been made simultaneously made at the premises of connected person can be utilised while making block assessment [ S. 132, 133A, 158BC ]