2009 (11) TMI 547

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..... e is unbelievable because the assessee maintains four bank accounts, details of which are available in the Tribunal's order - Appeal are allowed - ITA NO110/09 - - - Dated:- 4-11-2009 - RAMACHANDRAN NAIR C. N. and MOHANAN V. K, JJ. Judgment: C. N. Ramachandran Nair J.- The question raised in the appeal filed by the Revenue is whether the Tribunal was justified in confirming the .....

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..... urist homes and the Department noticed that cash balance available in the books of account was low to justify the substantial amounts stated to have been withdrawn and retained by the respondent- assessee. Therefore, assessment was completed treating the cash found at the time of search as unexplained cash assessable under section 69A of the Income-tax Act. The Assessing Officer did so by overruli .....

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..... on- ducted in the premises of these two tourist homes, assessment could have been made under section 158BD on the firms or proprietors who own the tourist home. On the other hand, if it is unaccounted income earned by the assessee in the business of running the tourist home either as its proprietor or as a dominant partner, then it is assessable in his hands as unaccounted income because the touri .....

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