TMI Blog2006 (4) TMI 358X X X X Extracts X X X X X X X X Extracts X X X X ..... 13-2-2002 in an appeal against order under section 158BC for the block period 1-4-1989 to 11-4-1999 wherein requisition was made under section 132A of the Income-tax Act (the Act). 2. The assessee declared undisclosed income of Rs. 1,57,533. The Assessing Officer made further addition as under : (a) Income on interest on FDs held in the name of the applicant Rs. 71,666 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the CIT(A) is not justified in deleting the income for unexplained opening cash balance of Rs. 55,000. (iv)On the facts and circumstances of the case, the CIT(A) is not justified in deleting the salary income of Rs. 5,45,542. (v)On the facts and circumstances of the case, the CIT(A) is not justified in deleting the income by way of deemed rent of Rs. 59,700. (vi)The CIT(A) ought to have ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under sections 22 and 23 of the Income-tax Act. These are the only provisions where notional income can be brought to tax. 3.1 Learned counsel for assessee relied upon the appellate order extracted herein : "I have gone through the contentions of the appellant and agree with them. There is nothing on record to indicate that the appellant received these rents. On the contrary, the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the houses have been mortgaged. The possession of such mortgaged houses are with the mortgagee. The possession has not been retained by the assessee. Thus, the mortgage is not by way of deposit of title deeds, but also by way of handing over the possession thereof. In lieu of such mortgage, the assessee received certain loans and no interest is being paid on such loans. As per section 23, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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