TMI Blog2005 (5) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... ces then no addition can be made on account of undisclosed income under Chapter XIV-B merely on the ground that the return of such income was not filed before the date of search. The provisions of section 158B of the Act would not be attracted in the present case inasmuch as nothing has been recorded in the order of assessment or in any proceedings thereafter, that the amount had not been indicate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t filed before the date of search. This view also finds support from the decision of the hon'ble Bombay High Court in the case of CIT v. Sham Lal Balram Gurbani [2001] 249 ITR 501. The statement of assessable income of the assessee for the assessment year 1995-96 shows that the assessee had income by way of capital gain amounting to Rs. 23,05,357 against which the assessee had paid advance tax of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of section 158B of the Act, the said amount of Rs. 23,05,357 would have to be treated as undisclosed income and would be liable to tax under section 158 BC, clause (c) of the Act at the rate of 60 per cent. The findings, to the contrary, are opposed to the presumption of law available in favour of the Revenue under section 158B of the Act. A search and seizure operation in terms of section 132 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n time. From the findings recorded by the Appellate Tribunal, it is clear that the assessee had paid the advance tax of Rs. 5,50,000 on March 31,1995 for the assessment year 1995-96, i.e., much before the date of search. This factual aspect viewed in the light of the fact that the Assessing Officer accepted the return filed by the assessee for that very assessment year and accepted the return de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account or that the assessee had failed to produce the books of account, as directed by the Assessing Officer. The presumption against the assessee could be drawn only if the sums wholly or partly had not been reflected in the books or the assessee had failed to render explanation in terms of the said provisions. Here the assessee had paid the advance tax and has also shown the figure in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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