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Commissioner Income Tax Kanpur Versus Dr. Shiv Kant Mishra Kanpur

2016 (12) TMI 248 - ALLAHABAD HIGH COURT

Interpretation of the provisions of Section 158BB and Section 158B (b) - undisclosed income - Held that:- The assessee has rightly relied on a decision of this Court in the case of Commissioner of Income Tax Vs. N.K. Laminates P. Ltd. reported in (2014 (4) TMI 565 - ALLAHABAD HIGH 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 .....

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ur of the assessee - Income Tax Appeal No. 484 of 2008 - Dated:- 1-12-2016 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : A. N. Mahajan,C.S.C. For the Respondent : S.D. Singh ORDER Heard Shri Krishna Agrawal, learned counsel for the department and Shri Tanmay Sadh, learned counsel for the respondent. This appeal has been filed by the department under Section 260A of the Income Tax Act, 1961 against the order passed by the tribunal dated 23.05.2008 relating .....

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ot; A search and seizure operation was conducted by the department on 14.09.2002 at the residential and business premises of the assessee. During the course of search operations books of account, documents and loose papers were found and seized. While verifying the investment made in construction of the house property, it was gathered from enquiries, that the investment in the construction of the house property was made largely out of profits earned by the assessee from sale of shares. Post sear .....

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ing in total addition of ₹ 36,60,072/- Ld. CIT (A) knocked off the addition holding that the post search enquiries and additions were not on the basis of evidence found as a result as is the mandate of section 158BB. In the preliminary and concluding statement of the assessee recorded during the course of search, only general question regarding the immovable properties were asked. Also, that the contradiction found in the statements of the assessee and his brother led the AO to suspect the .....

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