2000 (6) TMI 13

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..... onsideration in this appeal is whether the Tribunal was right in limiting the scope of determination of undisclosed income under Chapter XIV-B of the Income-tax Act, 1961, to the material found during the course of search under section 132 of the Act. The brief facts giving rise to this appeal are as follows : On September 28, 1995, the premises of the assessee were searched. Thereafter, the a .....

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..... ight in deleting the addition of Rs. 1,14,950 made on account of unexplained investment in gold ? Question No. 2 : Whether in law, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the addition of Rs. 21,426 made on account of unexplained investment in silver, weighing 3.0 kgs relying on the wealth-tax return for the assessment year 1993-94 filed only on M .....

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..... naments were required to be treated as undisclosed income for the assessment year 1994-95. The same reasoning has been given by the Assessing Officer with regard to the silver articles and utensils which came to be detected during the above search. However, the Tribunal found that all the above-mentioned articles have been declared by the assessee in the return of wealth. The said return has been .....

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..... rcumstances of the case, the Tribunal was justified in deleting the addition of Rs. 2,49,350 made on account of unexplained expenses in the construction of the residential bungalow at Jaysingpur, when the same was properly made by the Assessing Officer ?" The said question refers to an addition of Rs. 2,49,350 made on account of unexplained expenses in the construction of a residential bungalow .....

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..... no finality, if the Department is permitted to add back to the income of the assessee on the basis of the Departmental valuer's report obtained subsequent to the order of the regular assessment. Hence, the Tribunal was right in deleting the said addition. Accordingly, question No. 3 is answered in the affirmative, i.e., in favour of the assessee and against the Department. For the above reasons .....

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