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2011 (7) TMI 76 - HC - Income TaxSearch and seizure - Block assessment - transactions relating to purchase and sale of HTS wire were duly accounted in the regular books of account for the previous year ended March 31, 1993, relevant to the Assessment Year 1993-94 and those were reflected in the assessee’s audited profit and loss account for the previous year ended March 31, 1993 - in course of search and seizure, a certificate of license showing that Shri Umesh Narayan Jha as proprietor of Sakti Construction who was found to be an employee of the propriety concern of D. K. Goyal was recovered - Held that: so far as the addition of Rs.39, 78,315/- and a further sum of Rs. 20 lac are concerned the same should not have been assessed in block assessment under Chapter XIV B of the Act as the said findings resulting in those additions are not based on any material recovered as a result of search and seizure - merely because a license in the name of Sakti Construction was recovered from the office of the Assessee, such fact has nothing to do with the said encashment in favour of the drawer - Appeal is partly allowed
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