9911796707
TMI Blog2007 (10) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. On the basis of the search, notices were issued to the assessee who filed its return under section 158BC of the Income Tax Act, 1961 Income Tax Act for an amount of Rs. 3,20,134. An assessment order was passed on 30-9-1996 but since the assessee was not satisfied with that order, it preferred an appeal before the Income Tax Appellate Tribunal ('the Tribunal') and by an order dated 29-1-2001 the Tribunal set aside the assessment order and remanded it back to the file of the assessing officer. The assessing officer then passed a fresh assessment order on 31-3-2003 against which rhe assessee filed another appeal, which came to be disposed of by the order under appeal, that is, 27-4-2005. In the order passed by the Tribunal on 27-4-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to that extent it cannot be described as undisclosed income. The further contention of learned counsel for the revenue is that the assessee would not have disclosed this amount in its returns and to that extent the amount has to be treated as its undisclosed income. We do not think that this matter can be treated in as simple a manner as that. Apart from the fact that the amount was disclosed in the bank account, there is nothing to support the argument of learned counsel for the revenue that the assessee would not have disclosed this amount in its returns, particularly for the assessment year 1995-96 for which the last date would have been 30-11-1995. To substantiate such an argument, the burden is on the revenue and it is an extremely h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4,95,045 has been added to the income of the assessee being commission received by it through its director P.K. Dang. The substantial question of law that has arisen in this regard is : "Whether the Tribunal was correct in law in deleting the addition of Rs. 4,95,045 on the ground that the assessment on this amount to a double assessment in the hands of the assessee ?" Learned counsel for the assessee fairly states that the view expressed by the Tribunal in this regard is not tenable and there was no question of any double assessment of this amount. He frankly submits that this amount is liable to be taxed in the hands of the assessee after excluding the expenditure of Rs. 1,74,911. We find from a perusal of the order of the Tribunal th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have proceeded on the basis that this amount was included in the peak statement of P.K. Dang. If the revenue had any doubt about this factual conclusion, it could have moved an application before the Tribunal under section 254(2) of the Act, which it did not. It is, therefore, too late in the day for learned counsel for the revenue to contend that this amount was factually not included in the peak statement of P.K. Dang. We may note that learned counsel for the assessee disputes this submission made by relying on the paper book that was before the Tribunal. However, we do not think it necessary to go into this aspect of the matter in view of what we have stated above. No substantial question of law arises. (iv)The fourth dispute relate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocument was found during the course of the search to show that the property was undervalued by the assessee. Moreover, we find from a perusal of the assessment order that the assessing officer has presumed that the cost of acquisition of the house property would not be less than Rs. 50 lakhs. Since the assessee had a 50 per cent share in the property, an amount of Rs. 17 lakhs was added (an amount of Rs. 8 lakhs having already been disclosed). There is absolutely no basis given by the assessing officer in arriving at the conclusion that the property should be valued at not less than Rs. 50 lakhs. Learned counsel for the assessee has drawn our attention to CIT v. Manoj Jain [2006] 287 ITR 285 (Del) and CIT v. Jupiter Builders (P) Ltd. [2006 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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