TMI Blog2016 (9) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... In the circumstances, we are of the opinion that there is no infirmity with the order of the ITAT. The question of law is answered against the assessee/appellant and in favour of the revenue. - ITA 369/2004 - - - Dated:- 11-8-2016 - S. Ravindra Bhat And Deepa Sharma, JJ. For the Appellant : Mr. Karan Khanna with Ms. Asmita Kumar, Advocates For the Respondent : Mr. P. Roychoudhury, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arties. Almost all the notices were returned unserved. The Inspector s report also noted that the addressees did not in fact function from the premises notified. The assessee s contentions were that the very nature of the trade was such that cash was paid to the creditors and that receipts were often not obtained. The AO disbelieved and proceeded to issue notices under Section 271 (1) (c). The ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme Court in Mak Data had considered all previous rulings including its judgment in Sir Shadi Lal Sugar and General Mills Ltd. v. CIT, 168 ITR 705. This Court notices that the decision in Shadi Lal held to be inapplicable in the subsequent judgment of the Supreme Court in K.P. Madhusudanan v. Commissioner of Income Tax, 251 ITR 99. After revisiting the entire law on the subject including the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the course of survey proceedings Under Section 133A conducted on 16.12.2003, in the case of a sister concern of the Assessee. The survey was conducted more than 10 months before the Assessee filed its return of income. Had it been the intention of the Assessee to make full and true disclosure of its income, it would have filed the return declaring an income inclusive of the amount which was su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot disclose the details of the creditors nor their list but merely claimed them in the return. Upon the assessment being picked up in scrutiny for further enquiry, the assessee came out with the details and surrendered the income for taxation. In the circumstances, we are of the opinion that there is no infirmity with the order of the ITAT. The question of law is answered against the assessee/a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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