TMI Blog2016 (12) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT ) wherein the Court has examined at length the provisions of Section 158B, 158BB and 158 BC of the Act which relate to undisclosed income and has come to the conclusion that the material which is not found at the time of search or as a result of requisition of books of account or other document, cannot be made the basis for determination of undisclosed income under Section 158(B)(B). It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the tribunal dated 23.05.2008 relating to block period ending on 14.09.2002. The questions of law sought to be answered are as under:- Whether on the facts and in the circumstances of the case and on a correct and true interpretation of the provisions of Section 158BB and Section 158B (b) of the Income Tax Act, 1961, the Tribunal was justified in law in upholding the deletion made by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the whole transaction was done to re-oute the undisclosed money of the assessee by introducing the same in his regular books as capital gain receipts from sale of shares and had been claimed exempt u/s 54F. The transaction was held to be covered u/s 158B(B) and the amount on account of sale proceeds of the shares, were added by the A.O. resulting in total addition of ₹ 36,60,072/- Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee had disclosed the share transaction in regular return of income tax filed by him before the date of search. The Hon'ble ITAT has confirmed the order of the ld. CIT (A) on similar reasoning holding that the 'proceedings were initiated against the assessee and addition of ₹ 36,60,072/- was made u/s 158(b) of the I.T. Act based on the copy of computation of income filed along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 158B, 158BB and 158 BC of the Act which relate to undisclosed income and has come to the conclusion that the material which is not found at the time of search or as a result of requisition of books of account or other document, cannot be made the basis for determination of undisclosed income under Section 158(B)(B). It is necessary mandate of Section 158(B)(B) of the Act that any material which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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