Court held that , the Tribunal is justified in holding that , Addition cannot be made on the basis of returns filed by assess’s wife and other related entities on the basis of valuation reports of departmental Valuer. As regards Diamond found in the course of search addition was held to be justified as the retraction was made after inordinate delay and not supported by any evidence. (BP. 1-4-1995-to 13-9-2001)
CIT v. S. V. Sreenivasan. (2018) 404 ITR 433 (Mad) (HC)
S. 158BB : Block assessment – Undisclosed income –Addition cannot be made on the basis of returns filed by assess’s wife and other related entities on the basis of valuation reports of departmental Valuer – Diamond found in the course of search addition was held to be justified as the retraction was made after inordinate delay and not supported by any evidence. [ S.132(4) ]