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Framing of block assessment based on only statement recorded u/s 132(4) is unsustainable
Case Law Details
- Case Name
- PCIT Vs Pilot Industries Limited (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06 to 2009-10
- Courts
- All High Courts, Delhi High Court
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PCIT Vs Pilot Industries Limited (Delhi High Court)
Delhi High Court held that AO is not empowered to frame block assessment merely on the basis of statement recorded u/s 132(4) without reference to any other material discovered during the search and seizure operations.
Fact-
The present petition is filed by the revenue stating that the ITAT has erred in upholding the order of the CIT(A) and deleting the additions made on account of gross profit ignoring the fact that the said additions have been made after rejecting the books of account which did not reflect true and correct state of affairs ...
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