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TMI Blog2017 (5) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer had examined some of the borrowers mentioned in the pronotes and they have categorically stated that the amount advanced is 50 per cent. or less which explanation has been accepted by the first appellate authority and confirmed by the Tribunal. The Department has failed to bring on record any material to the contrary except the seized documents which, in our considered opinion, could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent : Pretesh Kapur, Radha Rangaswamy and Ranjeeta Rohatgi JUDGMENT 1. We have heard the learned counsel for the parties and perused the impugned order dated December 14, 2005 CIT v. Smt. Rekha Bai [2007] 289 ITR 351 (Mad), passed by the High Court of Judicature at Madras. The High Court has dismissed the appeal filed under section 260A of the Income-tax Act, 1961 on the ground that no su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t absolve the Department or give any right to negate the view taken by the first appellate authority and the Tribunal. So far as the income divided among the family members of the respondent-assessee is concerned, we find that all of them were carrying on same business from the same premises. Therefore, it is but natural that if any concealed income has been found at the time of search and survey, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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