9911796707
TMI Blog2014 (11) TMI 267X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent : Sri S Parthasarathi, Adv. JUDGEMENT Per: N Kumar: The Revenue has preferred these appeals against the order passed by the Income Tax Appellate Tribunal (hereinafter referred as 'Tribunal' 2. All these appeals are preferred against the common order passed by the Tribunal where a common question of law is involved. Therefore, they are taken up for consideration together and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enced on 07.10.2002. It was temporarily concluded on 07.10.2002. As per the copy of the panchnama dated 07.10.2002, an order under Section 132(3) was passed wherein inventorised jewelry was kept in the safe locker under the master bedroom of the Assessee. Documents were also inventorised. It show the said search was concluded on 07.10.2002. The jewelry which was kept under the custody of the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was in the name of Balakrishna K. Shetty. His statement was recorded on 12.09.2002. The said bank account contained heavy deposits and withdrawals. After going through the said statement, the assessing authority came to the conclusion that this bank account contained transactions related to the Assessee and it contained deposits in respect of unaccounted sales and withdrawals. Therefore, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Assessee as undisclosed income could not have been taxed under the block assessment and the same has to be considered for regular assessment. As the said income was not detected during the search. Aggrieved by the said order of the Tribunal the revenue is in appeal. 8. We have heard the learned counsel for tlhe parties. 9. It is not in dispute that during the search no undisclosed income ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
