2012 (12) TMI 573

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....he consideration of this Court.     a) "Whether on the facts and circumstances of the case and in law, the Tribunal was right in deleting the additions of Rs. 53,98,229/- and Rs.2,26,507/- made in the block assessment order for the periods relevant to A.Y. 1996-97 and 1998-98 (i.e. 01.04.1997 to 14.10.1997) forming part of the block period 01.04.1992 to 14.10.1997?" 3. Mr. Malhotra, Counsel appearing for the appellant very fairly states that he is not challenging the deletion of Rs.2,26,507/- made by the Tribunal in respect of the block assessment order relevant to the Assessment Year 1998-99. Therefore, the only issue which is being pressed by the revenue is with regard to the deletion of Rs.53,98,229/- made in the blo....

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....ear 1996-97, the respondent had offered to tax an amount of Rs.41,51,082/. In view of the above, the Commissioner of Income Tax (Appeals) by his order dated 01.01.2001 allowed the respondent's appeal holding that once the profit disclosed in the seized balance sheet has been taken into account, there is no occasion for making an addition of closing stock as shown in that very Balance Sheet over and above the profits which has already been offered to tax. Further, it was also held that the addition of Rs. 53,98,229/- was not supported by any other evidence or material found during the search or gathered during the block assessment proceeding. Therefore, the addition of Rs.53,98,229/- was deleted by the order dated 01.01.2001 of the Commissio....

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....rther, it was held that the addition of Rs. 53,98,229/- by the Assessing Officer was not supported by any other evidence or material found during the course of search supporting the stand of the revenue that there was undisclosed stock in possession of the respondent. In the circumstances, Mr. Pardiwala submits that the appeal be not entertained. 9. We have considered the submission. We find that the respondent has offered in the aggregate an amount of Rs.41,51,082/- as taxable income for the Assessment Year 1996-97. The aforesaid amount includes an amount of Rs.28,59,171/- being the undisclosed income disclosed in the seized Balance Sheet from the residence of the respondent's partner. Once, the revenue has accepted the amount of profit....