2008 (1) TMI 591 - HC - Income Tax

Income from undisclosed sources- Whether the Appellate Tribunal is right in law and on facts in confirming the order of the Commissioner of Income-tax (Appeals) confirming only unaccounted sales to the tune of Rs. 4,32,848 and thereby deleting the remaining amount of Rs. 41,61,922 made by the Assessing Officer invoking section 145(2) of the Act ? Held that- the documents were found during the search by the Excise department. Thus the Commissioner (Appeals) reduced the addition made by the Assessing Officer. Thus the reduction made by the Commissioner(Appeals) and Tribunal just and equitable.