2019 (3) TMI 897

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..... e course of search, if it is not reflected in the regular books of accounts.with certain direction - During the pendency of appeal before High Court AO passed the order - HELD THAT:- In view of the remand proceedings being concluded by the direction of the Tribunal, the present Tax Case filed by the Revenue has become infructuous. Accordingly, the Tax Case is dismissed as infructuous.
Dr. Justi .....

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..... to the Assessment authority with the following observations:- "42. In view of the facts and circumstances of the case, we direct the assessing officer to confine to determination of undisclosed income only on "net asset" basis based on the materials and evidences found during the course of search, if it is not reflected in the regular books of accounts. Further we make it clear that undisclosed .....

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..... w. We placed reliance on the Judgement of the Calcutta High Court in the case Maynak Podar (HUF) vs. WTO (Cal) (262 Income Tax Return 633). Further in the case of National Thermal Power Co. Limited., vs., CIR (12998)(229 Income Tax Return 383) it was held that the purpose of an assessment proceeding before the taxing authority is to assess correctly the tax liability of the Assessee in accordance .....

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