9911796707
TMI Blog2005 (12) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of the case, the Tribunal was right in deleting the interest income for the assessment years 1989-90 and 1990-91? (iii) Whether, on the facts and circumstances of the case, the Tribunal was right in treating the concealed income as belonging to various members of the assessee's family and dividing the same between them instead of taxing the entire amount in the assessee's hands? (iv) Whether, on the facts and circumstances of the case, the Tribunal was right in spreading over the undisclosed income over a period of five years, when it has actually been assessed in the three assessment years? and (v) Whether, on the facts and circumstances of the case, the Tribunal was right in cancelling the interest under section 139(8) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue filed appeals before the Income-tax Appellate Tribunal. After hearing the arguments of learned counsel, the Tribunal held that the order of the Commissioner of Income-tax (Appeals) is reasonable in all respects and confirmed the same. Hence these appeals. Heard learned counsel for the appellant. In respect of question No. 1, there was a clear finding given by the Tribunal that the amount reflected in the seized pronotes were inflated and actual amount of advance made by the assessee-respondent were less than the amounts shown in the respective pronotes, and also the actual amount of money advanced was as low as 30 per cent. of the amount endorsed in the pronotes and these are all done as a precautionary practice followed in the li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned by the assessee-respondent at a particular assessment year or assessment years. A reasonable conclusion was made that the income had been earned over a period of time. Therefore, we are of the view that the view taken by the authority below was correct and also there is no basis or materials/for the Revenue to estimate the interest income for the period relevant to the concerned assessment year. We are also of the view that the authorities below had taken a correct view that there is no justification in levying interest under section 139(8) and section 217 of the Income-tax Act. Hence, there is no substantial question of law arising out of the order of the Tribunal, in respect of question No.5. Accordingly, the tax appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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