SC allows Revenue's appeal,
holds that material found in the course of simultaneous survey in the premises
of builder with whom assessee had transaction, can be used in assessee's block
assessment u/s 153A; Search was conducted at the premises of assessee between
July 17, 2002 and August 21, 2002 and simultaneous survey was carried on at
premises of ECIL (builder and decorator who had constructed and decorated
assessee's house) wherein it was found that assessee had paid in cash Rs. 95.16
lakhs to ECIL which was not accounted for, accordingly AO assessed this amount as
income in block assessment on assessee for period April 1, 1996 to July 17,
2002; SC notes that in order to add any income in the block assessment,
evidence of such must be found in the course of search u/s 132 or in any
proceedings simultaneously conducted in the premises of the assessee, relatives
or persons who are connected with assessee and are having transaction/dealings
with such assessee; Takes note of the provision of Sec 158BH under which other
provisions of Income-tax Act are made applicable to block assessment, thus
holds that 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 be
utilized while making the Block Assessment in respect of assessee u/s 158BB r.w.s
158BH; Observes that "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 Section158 BB of the Act"; Thus,
holds that AO was justified in taking into account the adverse material found
during the survey while making the Block Assessment, sets aside HC order and
restores AO's order of block assessment:SC
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