2003 (4) TMI 84 - HC - Income Tax

Search and seizure - "(i) Whether, Tribunal was justified in deleting the on account of business income of the assessee by holding that there was no partnership firm in existence during that year especially in view of the seized books of account which clearly reveal that the assessee was continuously doing pawning business outside its books of account right from the year 1981 to the date of search? - (ii) Whether, Tribunal was justified in deleting the addition made on account of undisclosed investment made by the assessee in the pawning business? - (iii) Whether, Tribunal was justified in deleting the addition made on account of interest earned by the assessee from pawning business for the assessment years 1986-87 to 1996-97 by holding that no addition was called for because there was no material on record to justify the action of the Assessing Officer?" - There is no any infirmity in the appreciation of evidence made by the Tribunal or the reasons assigned by it for deleting the additions made by the Assessing Officer. Therefore, none of the questions, of which determination has been sought by the Revenue, can be treated as a substantial question of law.