TMI Blog2002 (3) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... lation. It has also been recorded that all through the assessee was under a bona fide belief that the said transaction with regard to supply of gas cylinders was a genuine transaction and the belief of the assessee seems to be reasonable on the basis of various documents. - Considering the matter from all angles, the Tribunal came to the conclusion that there was no concealment of income and the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed income was added in the income of the assessee on account of search and seizure conducted in his premises on October 11, 1996, at Indore as well as at its Mumbai office. However, the Tribunal has recorded a finding in paras. 3 and 4 that the assessee had recorded this transaction in its books of account as was clear from the audited balance-sheet filed along with the compilation. It has also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was no concealment in the manner provided under clause (b) of section 158B. It has also been recorded that when this item was not offered for taxation, similarly no depreciation was also claimed on it. Considering the matter from all angles, the Tribunal came to the conclusion that there was no concealment of income and the amount could not have been added as undisclosed income of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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