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2012 (5) TMI 333 - HC - Income TaxSearch and seizure - Block assessment - Held that:- the material on record that all that was found during the search of the premises of Gopalakrishna was certain chits and documents which does not conclusively indicate undisclosed income by the assessee, adding of Rs. 1,50,000/- by holding that the said amount has been kept in fixed deposit by Ramachandra is not at all based upon the seized material as what was found was not the fixed deposit receipt and further in view of the settled principles of law that when deduction had been made at source while making the payment, the receipt cannot be said to be undisclosed - Decided in favor of the assessee
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