2012 (4) TMI 283

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... took place, even before date of search – Held that:- Since advance tax is paid in respect of an item of income, it cannot be said that the assessee intended to suppress it's income merely because accounts are not written up. So much so, payment of advance tax on estimated income is sufficient to exclude such income from the scope of undisclosed income for the broken period of the previous year for .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... this Court in CIT v. Binoy Mathai, reported in 311 ITR 226. However, we find that the facts in this case are different in as much as the assessee has paid at least one installment of advance tax of Rs.5.80 lakhs in respect of the income of the previous year in which search took place, even before date of search. The further finding is that the assessee remitted total advance tax of Rs.16.90 lakhs .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cannot be said that the assessee intended to suppress it's income merely because accounts are not written up. So much so, payment of advance tax on estimated income is sufficient to exclude such income from the scope of undisclosed income for the broken period of the previous year for which, time for filing of return was not over as on the date of search. We, therefore, do not find any merit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X