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2010 (1) TMI 707 - HC - Income TaxUndisclosed income under section 158B(b) - Appellants contended that it is true that the statements were recorded from the manager Shri R. Shanmugasundaram on 14th Nov., 2002 much prior to the search, which was conducted on 28-11-2002. Section 158BB(1) was added (sic - amended) w.e.f. 1st July, 2002 - In terms of the said section a provision for placing reliance on materials relatable to such evidence is also added. By that addition, it could be seen that whatever materials, which are available on the date of search including the material collected much prior to the search could also be the basis for the conclusion, which could be arrived at by the Assessing Officer - That provision has also retrospective application from 1-7-1995. As the search was conducted on 28-11-2002 and on which date the statement of R. Shanmugasundaram was available with the Assessing Officer, he is entitled to rely on the said statement as well, as it is relatable to evidence - Since the same was shown in the return after search, the statement relating to the deposit was not accepted by the Assessing Officer - Similar is the case of the statements of other creditors as well. This being a question of appreciation of evidence, we are not inclined to go into the question, particularly when this finding was accepted by both the CIT(A) as well as the Tribunal - Decided against the assessee
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