https://www.taxtmi.com/caselaws?id=352041 In block assessment proceedings, an addition for alleged unexplained cost of construction cannot be sustained solely on a valuation report where no incriminating material is found in search and the amounts already appear in the regular books of account. Chapter XIV-B is confined to undisclosed income detected as a result of search and does not replace regular assessment. Where there is no seized material showing understatement of cost, any dispute may at most be considered in regular assessment, not as block undisclosed income. The addition based only on the valuation report was therefore unsustainable, and deletion of the addition was upheld in favour of the assessee. en-us Thu, 23 Nov 2017 00:00:00 +0530 Wed, 06 Dec 2017 08:09:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352041 In block assessment proceedings, an addition for alleged unexplained cost of construction cannot be sustained solely on a valuation report where no incriminating material is found in search and the amounts already appear in the regular books of account. Chapter XIV-B is confined to undisclosed income detected as a result of search and does not replace regular assessment. Where there is no seized material showing understatement of cost, any dispute may at most be considered in regular assessment, not as block undisclosed income. The addition based only on the valuation report was therefore unsustainable, and deletion of the addition was upheld in favour of the assessee. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352041