https://www.taxtmi.com/caselaws?id=63831 In block assessment proceedings under section 158BD, the challenge to the notice failed because the later recorded satisfaction was treated as permissible and the notice defect was curable where the assessee in fact had adequate time to respond. However, the assessment was vitiated on the merits because statements relied upon by the Revenue were used without allowing cross-examination despite repeated requests, amounting to a serious breach of natural justice. The addition based on alleged undisclosed share transaction income was deleted as the seized diary entry and third-party papers were treated as insufficient, unsupported by independent corroboration, and outweighed by the assessee's books and bank records. Surcharge was also held not leviable because the search preceded the effective date of the amendment to section 113. en-us Fri, 27 Jan 2006 00:00:00 +0530 Wed, 27 Mar 2024 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63831 In block assessment proceedings under section 158BD, the challenge to the notice failed because the later recorded satisfaction was treated as permissible and the notice defect was curable where the assessee in fact had adequate time to respond. However, the assessment was vitiated on the merits because statements relied upon by the Revenue were used without allowing cross-examination despite repeated requests, amounting to a serious breach of natural justice. The addition based on alleged undisclosed share transaction income was deleted as the seized diary entry and third-party papers were treated as insufficient, unsupported by independent corroboration, and outweighed by the assessee's books and bank records. Surcharge was also held not leviable because the search preceded the effective date of the amendment to section 113. Case-Laws Income Tax Fri, 27 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63831