2011 (11) TMI 441

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....ph for the Respondent. JUDGMENT C.N. Ramachandran Nair, J. - The appeal is filed by the assessee against the order of the Tribunal confirming income escaping assessment completed under Section 147 of the Income Tax Act for the assessment year 1998-99. We have heard Senior counsel Dr. K.B. Mohammedkutty appearing for the appellant and Standing Counsel for respondent. 2. The assessee was....

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....ble because income should have been assessed during the assessment years relevant to which disclosures were made. Against the C.I.T.(Appeal)'s order department filed appeal before the Tribunal stating that since the disclosure was made in the financial year 1997-98, the income so disclosed is assessable as income of the assessment year 1998-99. The Tribunal allowed the department's appeal against ....

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....unts. On the other hand, the income disclosed is nothing but cash and gold held by the assessee. When assessee has not complied with the conditions of V.D.I. Scheme, necessarily the Officer gets powers under Section 147 to make an income escaping assessment, though based on information furnished by the assessee himself. The unexplained cash and gold are assessable under Section 69A in the assessme....