2002 (3) TMI 12 - HC - Income Tax

Income From Undisclosed Sources, Search And Seizure - 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 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 amount could not have been added as undisclosed income of the assessee. Against such a finding recorded by the Tribunal, we find that no substantial question of law arises.

Summary

The High Court of Madhya Pradesh dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's order. The Tribunal found no concealment of income in the case of alleged undisclosed income added to the assessee's account. The appeal was deemed devoid of merit and substance, leading to its dismissal.