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2012 (12) TMI 573 - HC - Income TaxBlock assessment - undisclosed stock - held that:- the respondent has offered in the aggregate an amount of Rs.41,51,082/- as taxable income for the Assessment Year 1996-97. The aforesaid amount includes an amount of Rs.28,59,171/- being the undisclosed income disclosed in the seized Balance Sheet from the residence of the respondent's partner. Once, the revenue has accepted the amount of profit shown in the seized Balance Sheet then there was no justification to make any further addition from that very seized Balance Sheet as sought to be done by the Assessing Officer. Further, it is very pertinent to note that neither during the course of the search, nor during the block assessment proceeding the Revenue found any evidence or material to support that the respondent was in possession of undisclosed stock valued at Rs.53,98,229/. Further, the finding of the authorities below is essentially a questions of fact. Therefore, the reframed question does not give rise to any substantial question of law. - Decided in favor of assessee.
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