TMI Blog2004 (9) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 was on account of capital employed in the liquor business and no separate addition had been made on account of peak credit in 21 bank accounts. It is also not denied that the interest income of Rs. 2,52,370 and Rs. 2 lakhs was liable to tax. In this view of the matter, no fault can be found with the order of the Tribunal in assessing the interest income separately in addition to the amount of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de additions of Rs. 1,54,07,808 and Rs. 59,67,500 as unexplained investments on the basis of pages 192, 193 and 194 of the documents seized by the Department at the time of search on September 11, 1996. On appeal by the assessee, the Tribunal vide order dated May 31, 1999, upheld the addition of Rs. 59,67,500 which represented the peak investment made in the liquor business. The Tribunal also go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of bank interest had also been taken into account. It was also stated that in loose sheets at pages 192 and 193, there was an entry of Rs. 2 lakhs which was on account of interest. It was, therefore, claimed that since the peak investment in the bank accounts as well as in the loose sheets had already been added to the total income of the assessee, no separate additions on account of interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arent from the record which warranted any modification/rectification of its earlier order. We have gone through the records and found that the Tribunal is right in holding that no case for rectification had been made out. It is not in dispute that the addition of Rs. 59,67,500 was on account of capital employed in the liquor business and no separate addition had been made on account of peak cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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