Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (8) TMI 9 - HC - Income TaxSearch and seizure - Block assessment - no enquiry of any sort was made by the Assessing Officer from the persons named in the seized paper or for that matter from M/s. Jamshedpur Cement Ltd. Mr. Khaitan, contends that in the circumstances, the Tribunal should have accepted the position that the seized paper did not reflect any actual transaction of purchase or sale of shares - It is rightly pointed out by Mr. Shome that additional evidence can be adduced before the CIT (Appeals) on compliance of the statutory provisions for acceptance of the same and formal application must be filed and at the same time, specific order must be recorded by the CIT (Appeals) allowing such prayer and specifying the point on which such additional evidence should be taken - Tribunal rightly held that the admission made by the assessee at the time of search was not properly explained and thus, the principles laid down in the above decision where the finding was based on surmise cannot have any application to the facts of the present case - Decided against the assessee
|