2007 (5) TMI 165

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..... -138/Delhi/2000 relevant for the block period April 1, 1987, to November 6, 1997. 2. It appears that a search operation under section 132 of the Income-tax Act, 1961, was conducted at the residential and business premises of the assessee on November 6, 1997. During the search, cash vouchers showing requirement of material, etc., in connection with the construction of a farm house in Rajokari were .....

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..... e details of the accounts mentioned in the day book showed that two different balances were maintained : one representing cash kept in the safe and the other representing the reserve fund. The accounts in the day book were found to tally completely with the cash books maintained by M/s. Mina Exports Ltd. and M/s. Pearl Global Ltd. a sister concern. No were noticed and the cash shown in the books w .....

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..... tely explain the cash that was available for investment as well as the cash that was physically available. 7 Raving heard learned counsel for the Revenue and having gone to the records of the case, which disclose the facts that we have mentioned above, we find that no substantial question of law arises. The Tribunal has believed the assessee primarily on the basis of the account books maintained .....

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