TaxTMI 
TaxTMI 
2007 (5) TMI 176
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....vt. Ltd. in which the assessee is a Director and of the assessee were searched on 18th January, 2000 and a document marked as Annexure A-37 was found and seized. The said document contained the following entries:- 3. Annexure A-37 (Page 13) "Cash RB- Ch.31.50 9.50 41.00 16.50 &n....
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....ssessing Officer to rebut the same. The figures recorded in the loose sheet seized during the search and the entries entered into the books of M/s I.G. Builders did not tally and the assessee failed to explain these entries in the seized documents. 8. The Tribunal vide its impugned order deleted the addition made by the Assessing Officer holding that : "In the present case the Revenue has used its longest arm of search available to the Revenue to unearth unaccounted money or evidence thereof. Having taken above step and as per law, it has to be proved strictly that undisclosed income assessed in the hands of the assessee is undisclosed income beyond a reasonable doubt. As noted earlier in the first page, total of all the five figures is 5....
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....er. We are concerned with the definition of "undisclosed income". The provision in its entirety reads as follow : "(b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of the Act." 10. It is clear from the above definition that the income or the property, which has been disclosed or would have been disclosed for the purpose of this Act, does not form part of the un....