paragraph 11

When AO, who is both an adjudicator as well as an investigator, is acting in a quasi judicial capacity, it is his perception which counts and not that of CIT sitting in revisionary proceedings. It is not an error on the part of the AO not to conduct any inquiry into the accounts the way CIT wants it in exercise of his power under section 263. Full Article

In respect of properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors. Full Article

SUMMARY OF CASE LAW A person whose name is included in the warrant of authorization is one with respect to whom search is made under section 132 of the Income-tax Act, 1961; such persons are covered under section 158BC and the time limit for completion of their block assessment applies as provided under section 158BE(1). Full Article