2008 (6) TMI 208

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..... livered by C. N. RAMACHANDRAN NAIR J.- This appeal is filed by the assessee against the order of the Tribunal partly confirming and partly cancelling the Commissioner of Income-tax (Appeals)'s order on the block assessment completed on the appellant-assessee for the period     commencing from 1988-89 to 1998-99. A search was carried out in the premises of the assessee, a non-r .....

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..... the other additions are sustained by the Commissioner of Income-tax (Appeals) the Tribunal deleted the     entire additions except the above two additions sustained by the Commissioner of Income-tax (Appeals). It is against this order the assessee has filed this appeal. We have heard Sri P. Balakrishnan, counsel appearing for the appellant-assessee, and senior standing counsel .....

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..... contest the assessment confirmed in appeal by the Tribunal because in the course of search investments in several items of properties and expenditure of various types were detected by the Department. However, search led to enquiry, and in the course of enquiry even though the assessee furnished detailed cash flow statement and furnished names and addresses of debtors who have advanced loans to the .....

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..... r the lower authorities including the Tribunal were justified in rejecting the explanations regarding investments and expenditure which are attempted to be proved through the cash flow statement containing borrowals taken from several relatives. However, additions were sustained in part only because relatives did not prove the transactions of advances made to the assessee and the assessee could no .....

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..... sessing Officer has done is to make the assessment only in terms of the provisions of Chapter XIV-B of the Act. Moreover, except additions of two items, all other additions are cancelled by the lower authorities. 3. Therefore, we do not find any ground to interfere with the order of the Tribunal. Consequently, the appeal ified by the assessee is dismissed.
Case laws, Decisions, Judgements, .....

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