AO should include fictitious transactions in block Assessment instead of regular Assessment

A.O. can include transactions which he treats as fictitious in block Assessment instead of regular Assessment despite the fact that same were reflected in the return Dheeraj Construction and Industries Ltd. Versus CIT – Principle laid down in the case of Mc Dowel and Co. Ltd. (supra), has no application in deciding the dispute involved herein. It is absurd to suggest that even though the finding of fictitious claim is not based on any material discovered during search and seizure, by taking aid of the decision in the case of Mc Dowel and Co. Ltd. (supra), the special rate of tax specifie...