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TMI Blog2023 (1) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of household expenses - HELD THAT:- The deposit was in the name of HUF and the source of deposit was explained. The return in the name of HUF was furnished after receiving the notice from the department and the bank account belonged to HUF. The department had issued notice under Section 142 (1) of Act 1961 dated 02.04.2002 and the assessee filed return in the capacity of HUF. The Bank account was in the name of the HUF and not in the individual name of the assessee. The assessee explained the source of deposit in the HUF. Bonus Money was the prize money given by the Board and the said prize money was exempted from tax. It is also not in disputed that the issue with regard to match fee was covered by CBDT Circular No. 1432 dated 26.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase in brief is that the residential premises of the assessee-respondent were searched under Section 132 (1) of Act 1961 and during the course of search, certain loose papers and valuables were found and seized from both the premises. In response to notice under Section 158 BC of Act 1961 issued on 03.11.2000, respondent filed return declaring undisclosed income of Rs. 49,16,450/- for the block period 01.04.1990 to 20.07.2000. The Assessing Officer completed block assessment vide order dated 30.07.2002 passed under Section 158 BC declaring undisclosed income of Rs. 2,38,71,600/- after making additions on account of undisclosed receipt of match fee, tour money, bonus money, prize money, unexplained investment in purchase of properties, uncor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee filed return in the capacity of HUF. The Bank account was in the name of the HUF and not in the individual name of the assessee. The assessee explained the source of deposit in the HUF. Further the Bonus Money was the prize money given by the Board and the said prize money was exempted from tax. It is also not in disputed that the issue with regard to match fee was covered by CBDT Circular No. 1432 dated 26.11.87 wherein guidelines for the treatment of tour money received by cricket player had been laid down by CBDT. It was withdrawn by circular dated 22.09.1998 but this could not have been applied retrospectively. Both these issued came up for consideration before CIT (A) Patiala during the course of assessment proceedings and the CIT ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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