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TMI Blog2018 (11) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... iod had not expired, being 31.12.1999. As rightly noticed by the Tribunal, though an intelligent assumption has been made that the returns would not have disclosed an excess sale consideration but for the search; it remains in the realm of an assumption. There were no books of accounts recovered from the assessee's business premises which showed a lesser sale consideration. Statements of sales were recovered on search both from the assessee's business premises as also the residence of the Managing Director. The statements recovered from the residence of the Managing Director showed a larger consideration. It cannot be assumed that the returns filed would have shown only the figures in the statements recovered from the business premises. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India (Taxes) submits that the residence of the Managing Director of the assessee was searched and survey proceedings were conducted in the assessee's own business premises. Statements were recovered on search from both the premises and the statements recovered from the business premises were found to have disclosed excess sale consideration than the statements found in the business premises. The Managing Director of the assessee, during search proceedings, deposed under Section 132(4) of the Act that the actual sales is as seen from the statements recovered from his house. In such circumstances, there was definitely a suppression found on search and it was that suppression which was treated as undisclosed income by the Department. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wholesale and the sale carried out in retail without any stipulation for the sale price; which was at the discretion of the Bar Hotel. This does not have any application to the facts of the present case. 4. Binoy Mathai ( supra ) was placed on record to show that, the mere fact that the period for filing the return was not over would not absolve the assessee from a block assessment if the transactions disclosed on search were not entered in the books of accounts. To find the applicability of the said decision, we have to look at the facts in the above case. 5. Admittedly the assessee started the Bar Hotel in September, 1998. The search was conducted on 29.07.1999. Hence, the block period under Section 158BC were between September ..... X X X X Extracts X X X X X X X X Extracts X X X X
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