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2007 (7) TMI 213 - HC - Income TaxWhether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the addition of ₹ 34.25 lakhs not received by the appellant as the income of the appellant for the block period April 1, 1987, to March 17, 1997? Whether, on the facts and in the circumstances of the case, the Tribunal having accepted the fact that the sum of ₹ 34.25 lakhs was not received by the appellant, is justified in holding that the said sum represents the appellant's income? Held that:- In the present case, part of the amounts derived from the agreements were shown for regular assessment and in respect of the balance amounts not received as per the agreements it was not shown and offered for assessment. Later, the block assessment was made in consequence of the search and while making the block assessment, the Assessing Officer noticed that the balance amount of ₹ 34.25 lakhs was not offered for tax and hence he was of the view that it was an undisclosed income for the block period. No details were available on the record in respect of the same. The Tribunal which is the highest fact finding authority ought to have considered the same as to how the impugned amount could be considered as undisclosed income under Chapter XIV-B of the Act, or not. Unfortunately, we lack the precious finding on the crucial factor related to answering the above questions of law. Without the precious finding, it is very difficult for this court to determine the issue. Set aside the order of the Tribunal with a direction to rehear the matter and consider the scope of Chapter XIV-B.
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