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TMI Blog2012 (9) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... ent opportunity of hearing before the determination of undisclosed income of Rs.1,40,57,515/- and that there was no violation of the principles of natural justice? (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in law in holding that there was no infirmity in the determination of undisclosed income based on certain loose sheets for the assessment year 1995-96 and estimation of undisclosed income for the assessment years 1994-95 and 1996-97? (iii) Whether the Income Tax Appellate Tribunal is right in law in holding that the Assessing Officer could estimate the undisclosed income in the block assessment and there was nothing wrong with the assessment determining the undisclosed i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee's contention that before reaching any conclusion, the person should be provided an effective opportunity. However, referring to the statement recorded from the assessee in the course of the enquiry proceedings consequent on the search, the Tribunal held that the assessee was confronted with the materials right from 27.05.1997 and the assessment was completed only on 31.03.1998; in the circumstances, sufficient opportunity was given to the assessee. Thus the prayer of the assessee was rejected and the assessment was dealt with on merits. 6. Aggrieved by the order of the Tribunal, the assessee is before this Court, primarily questioning the order of the Tribunal on the question of violation of the principles of natural justice, tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 998. The facts are self-evident and we have no hesitation in setting aside the order of the Tribunal, holding that there was no sufficient opportunity granted. In the circumstances, allowing the Tax Case Appeal, we direct the assessee to file its objections within two weeks from the date of receipt of a copy of this order and on receipt of the objection, the Assessing Officer shall finalise the assessment within four weeks from the date of receipt of the objection from the assessee. The assessee is directed to cooperate in the assessment proceedings without any delay on its part. Thus the assessment is set aside and the matter stands remanded back to the Assessing Officer for fresh consideration. The Tax Case Appeal stands allowed. No cost ..... X X X X Extracts X X X X X X X X Extracts X X X X
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