TMI Blog2009 (5) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... inding of Tribunal that the undisclosed income was not computed on the basis of search material but on the basis of change in opinion of the Assessing Officer, is concurrent - no substantial question of law arises – revenue’s appeal dismissed - 308/2009 - - - Dated:- 12-5-2009 - VIKRAMAJIT SEN and RAJIV SHAKDHER, JJ. Mr. M. P. Gupta for Ms. P.L. Bansal, Adv., for the appellant. None for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Bonds Act. 4. Rs. 20,000/- offered by the assessee as amount representing undeclared income, out of the cash of Rs. 51,650/- found at time of search. 5. Rs. 6,43,500/- on account of the excess jewellery found at the time of search. 6. Rs. 28,750/- as sum credited in the name of the assessee in books of Ms. Sheru Azad Auto (P) Ltd. 7. Rs 38,864/- as deposits in bank account of two minor c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. However, the Income Tax Department has failed to show the correlation between the evidence collected from the search operation and the additions made in the assessment by the Assessing Officer. The concurrent finding of the CIT(A) and the Tribunal are that the undisclosed income was not computed on the basis of search material but on the basis of change in opinion of the Assessing Officer. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
