1999 (12) TMI 689

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... these appeals by the assessees are directed against the orders of Dy. CIT (Asstt.), Spl. Range, Jabalpur, passed under section 158BC of the Income-tax Act, 1961. Since in all these appeals, common issues are involved, they are being disposed of together for the sake of convenience. 2. In all these appeals, the assessee has challenged the finding of the Assessing Officer treating the cash credi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....red all the above credits as undisclosed income of the assessees, which the assessee has disputed in the present appeal before me. 4. At the time of hearing before me, the learned counsel for the assessees argued at length. He stated that under chapter XIV-B only undisclosed income detected as a result of search can be assessed. All the above credits were duly recorded in the books of account o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....edings, the Assessing Officer recorded the statement of all the creditors. From their statement, it is apparent that the creditors were men of no means and, therefore, the Assessing Officer was fully justified in considering those credits as unexplained. He also stated that when it was found by the Assessing Officer that the credits were not genuine, he was fully justified in considering these cre....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arch. No material is found during the course of search, so as to establish that the credits as entered in the regular books of account are non-genuine. Therefore, in my opinion, the credits under consideration cannot be said to be undisclosed income detected as a result of search. Hence the same is out of the purview of the assessment under chapter XIV-B. Accordingly, I delete the additions of Rs.....