Telangana HC Set Aside Block Assessment for Lack of Incriminating Material

Surabhi Shelters Private Limited Vs DCIT (Telangana High Court) The appeal before the Telangana High Court arose from the order of the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, concerning block assessment proceedings for the period 1992–93 to 2000–01 (up to 17.08.2000). The appellant, a property developer, was subjected to a search on 17.08.2000 at its business premises and the residences of its Managing Director and other directors. According to the appellant, no incriminating material relating to tax evasion was found during the search. However, a statement of the Managing D...