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2011 (9) TMI 132 - AT - Income TaxBlock assessment - Undisclosed income of any other person u/s 158BD - a search was conducted at the business and residential premises of one Sri Ashok Kumar, who had purchased office premise on the 3rd floor in the building of “Shree Ram Tower” from the assessee - The seize paper No.177A shows that Sri Ashok Kumar had made a total payment of ₹ 13,00,000/- to the Assessee Company, whereas the cost of the building as per the registered deed was shows only ₹ 5,98,000/- and remaining amount was paid as in black money - Thus, there was sufficient material that the amount was escaped from assessment - Held that:- The Tribunal vide its order dated 30.10.2001 (ITA No.270/LKO/2000) for the block period 01.04.1987 to 09.12.1997 in the case of Sri Ashok Kumar has set aside the assessment order and restored the matter back to the A.O. with the specific direction. In the meantime, the stipulated period for initiating the proceeding under section 158 BD has expired, so the income has escaped from the clutches of the tax - For this reason only, the A.O. has initiated the proceedings under sections 148/147 of the Act, which appears reasonable in the peculiar facts and circumstances of the case - Decided in favour of Revenue.
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