TMI Blog2007 (5) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... 977 of 2006 - - - Dated:- 16-5-2007 - JUDGMENT 1. The Revenue is aggrieved by an order dated August 26, 2005, passed by the Income-tax Appellate Tribunal, Delhi Bench "E" in IT(SS)A Nos. 136-138/Delhi/2000 relevant for the block period April 1, 1987, to November 6, 1997. 2. It appears that a search operation under section 132 of the Income-tax Act, 1961, was conducted at the residential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id to represent the reserve fund of M/s. Mina Exports Ltd. 4. The Income-tax Appellate Tribunal noted that during the search, a day book which is annexure A-3 was seized. The Tribunal also noted that the details of the accounts mentioned in the day book showed that two different balances were maintained : one representing cash kept in the safe and the other representing the reserve fund. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were found at the residence of the three assessees before us. 6 On the basis of the accounts maintained, in which no discrepancies were found, the Tribunal concluded that the assessee had been able to adequately explain the cash that was available for investment as well as the cash that was physically available. 7 Raving heard learned counsel for the Revenue and having gone to the records ..... X X X X Extracts X X X X X X X X Extracts X X X X
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