2007 (10) TMI 638

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..... d November, 2004 passed by the Income Tax Appellate Tribunal, Delhi Bench `G', New Delhi (Tribunal) in IT(SS) Appeal Nos. 22/Del of 2001, 23/Del of 2001 and 24/Del of 2001 all relevant to the block period 1st April, 1988 to 12th May, 1998. A search under Section 132 of the Income Tax Act, 1961 (`Act') was conducted in respect of the bank account of the Assessee on 5th June, 1998. It appe .....

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..... in view of the provisions of Sections 158BA(3) and 158B(b) of the Act, these receipts on account of sale proceeds could not be treated as undisclosed income in the hands of the Assessee. We also find from the perusal of Section 158B(b) and Section158 BA (3) of the Act that such income would be treated as undisclosed income if, but for the search, it would not have been disclosed in the books o .....

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..... e the date of search. We are of the opinion that neither the Commissioner of Income Tax (Appeals) nor the Income Tax Appellate Tribunal erred in coming to the conclusion that the Revenue should have assessed the income of the Assessee under Section 143(3) of the Act and not under Chapter XIV B of the Act. No substantial question of law arises. Dismissed.
Case laws, Decisions, Judgements, Ord .....

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