2014 (12) TMI 103

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....: Sri Y. Ratnakar For the Respondent : Sri J. V. Prasad ORDER Per : L Narasimha Reddy : The petitioner is an assessee under the Income Tax Act, 1961 (for short the Act). In the returns submitted for the assessment year 1999-2000, he has shown the cost of the building constructed by him at Rs. 30,45,318/-. A search was conducted on 05.09.2000 in the house of the father of the petitioner....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is father. He pleads that block assessment was submitted in response to the impugned notice, but under protest. As regards the value indicated by the respondent, the petitioner submits that he got the structure estimated by a registered Valuer by name Subbarow Gupta and through his report, dated 27.12.2000, the said Valuer estimated the cost at Rs. 74,54,000/-. Stating these and other relevant fac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t appeal to the High Court under Section 260-A of the Act and so on. The concerned authorities are conferred with wide powers not only to decide the case on facts but also to express their view on questions of law, may be guided by the precedents handed out by the Constitutional Courts. The occasion to interfere with the proceedings under the Act in a writ petition under Article 226 of the Cons....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that the notice was issued by invoking the power under Section 158BD of the Act. A perusal of that provision discloses that it is intended only to deal with the situations, where the search made in the premises of one assessee has led to suspicion, as regards accuracy of the facts and figures with reference to another assessee. Alternatively, it was also pleaded that the search was conducted in t....