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2017 (5) TMI 639 - SUPREME COURTInterest income - undisclosed income - addition based on seized documents - full value of the pronotes seized at the time of survey should have been taken into account and not 30% - Held that:- From the order of the first appellate authority, we find that the Assessing Officer had examined some of the borrowers mentioned in the pronotes and they have categorically stated that the amount advanced is 50 per cent. or less which explanation has been accepted by the first appellate authority and confirmed by the Tribunal. The Department has failed to bring on record any material to the contrary except the seized documents which, in our considered opinion, could not absolve the Department or give any right to negate the view taken by the first appellate authority and the Tribunal. So far as the income divided among the family members of the respondent-assessee is concerned, we find that all of them were carrying on same business from the same premises. Therefore, it is but natural that if any concealed income has been found at the time of search and survey, it has to be distributed among all the family members who were carrying on business. Thus the impugned order of the High Court [2005 (12) TMI 85 - MADRAS High Court ] does not call for any interference.
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