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2012 (9) TMI 476 - AT - Income TaxAddition to income on account of Indra Vikas Patra found from locker – AO issue notice u/s 148 on the basis of CBI raid - Held that:- Though assessee is also director in Company. The investment and income from IVPs has been duly reflected in the balance sheet & P&L of the company. As IVPs assessed in the hands of company then how these IVPs can assess in the hands of assessee. And there was nothing wrong to keep IVPs which are bearer in nature in the personal locker of directors. Appeal decides against department.
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