TaxTMI 
TaxTMI 
2011 (3) TMI 17
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....rder dated December 23, 2004 admitted the present appeal on the following substantial questions of law: ("I) Whether having regard to the fact that the assessment for the assessment year 1992-93 having been made under Section 143(3) on 22.3.1995 and having regard to the admitted facts that the search and seizure was made in the year 1993 and the deposition of Mr. D.K. Bal of M/s. D.R. Enterprises having been made on 19th August, 1993 in the year 1993 itself at the time of the search and seizure, the Tribunal was justified in holding that the initiation of the proceedings under Section 148 of the Act was on the basis of confirmed information regarding the additional income suppressed by the assessee and ascertained from the accounts of the ....
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....issue of agitation before the CIT (A) was against the assessment of Rs.9,87,000/- as income from other sources being the money taken by the assessee from the alleged sale of land which was to be acquired by the Government of West Bengal as per Notification issued under the provision of the Urban Land Ceiling & Registration Act, 1975. (b) The CIT(A) dismissed the appeal with the observation that there was nothing wrong in the action of the Assessing Officer in bringing to tax the amount received by the assessee on the sale of plot of land. (c) The assessee filed a further appeal before Income-tax Appellate Tribunal against the said order of the CIT (A). The Income-tax Appellate Tribunal, 'E' Bench, by its order dated 17th March, 1996 quash....
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....h the entire brick field was covered under Compulsory Acquisition, the assessee in connivance with the developer sold plots in the brick field illegally. As per the seized books marked BB-8 it was found that the assessee received total amount of Rs.25,80,000 in different years on sale of the plots. Out of that an amount of Rs.16,45,000 was received during the accounting year 1991-92 relevant for the present assessment year. The developer in his deposition confirmed of paying this much of the amount to the assessee. But in the assessment order u/s. 143(3) the amount received on account of sale of plots has been wrongly taken at Rs.9,87,000. Although the amount received by assessee during the relevant account year is Rs.16,45,000." (f) No re....
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....ssessee during assessment year. (i) Being dissatisfied, the Revenue preferred an appeal before the Income-tax Appellate Tribunal thereby contending that the original assessment was limited to addition of Rs.9,87,000/- whereas the subsequent event in course of search and seizure indicated that Rs.16,45,000/- was received by the assessee during the accounting year 1991-92 which was relevant for the assessment year. It was further contended that the developer in his deposition confirmed that this amount was given to the assessee and this fact would go to show that income of the assessee should be higher than Rs.9,87,000/- and that the initiation of proceeding under Section 148 was on the basis of confirmed information regarding additional inc....