2007 (7) TMI 36

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..... On 17th November, 2000, a search and seizure operation under Section 132(1) of the Income Tax Act, 1961 (for short as 'Act') was conducted in the case of M/s. Pashupatinath Jee Tours and Travels at its business and residential premises of its partners and their relatives. The Assessee is a partner of this firm and during the course of search of his residence B-174, East of Kailash, New Delhi, some papers of properties in which Assessee had made investments were found. The Assessing Officer made a reference to the Valuation Officer and treated the difference between the valuation as per Departmental Valuation Officer's report and the declared value of the properties as Assessee's undisclosed income for the assessment year 1999-2000 and the .....

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..... s (a) and (b) to section 158B, for the purpose of the Chapter. We are concerned with the definition of "undisclosed income". The provision in its entirety reads as follow:- "(b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of the Act.? 8. It is clear from the above definition that the income or the property, which has been disclosed or would have been discl .....

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..... ount or documents and such other materials or information as are available with the Assessing Officer. Evidence found as a result of search is clearly relatable to sections 132 and 132A." 11. In the case in hand, no incriminating material whatsoever was found during the course of search that might show that the Assessee had made more investment in the properties than their declared value. In the absence of any adverse material found during the course of search, addition could not be made by treating the investment as undisclosed and as such no fault can be found with the view taken by the Tribunal. 12. The above being the position, the order of the Tribunal does not give rise to a question of law, much less a substantial question of .....

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