2008 (3) TMI 492 - HC - Income Tax

Search and seizure Undisclosed income - Tribunal found that the loans were disclosed by the assessee not only in the audit reports and balance-sheets but were also mentioned in the regular returns of income with the assessee giving details of the names, addresses and amount of loan from each depositor Finding of fact cannot be interfered with

Summary

The Delhi High Court dismissed the Revenue's appeal regarding undisclosed loans totaling Rs. 43,86,325 during the block period from April 1, 1990 to March 19, 2001. The loans were found to be disclosed in audit reports, balance-sheets, and income tax returns for specific assessment years, with details provided. The Court found no reason to disagree with this conclusion, stating that no substantial question of law arises.