2013 (11) TMI 1055

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....he Respondent : Sri Jose Joseph, SC, Income Tax JUDGEMENT Manjula Chellur ,CJ. This appeal came up for admission before us. After hearing the learned counsel arguing for the appellant, we have gone through the orders of the Assessing Officer and the Tribunal. 2. The main contention of the appellant is, the material secured and impounded during a survey conducted by the department in th....

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....dopted which is uncalled in the light of Section 133A having no presumptive value. 5. The Tribunal at paragraph 4 of the orders after referring to Section 158BB(1) analyses that undisclosed income has to be computed only on the basis of material found during the course of search operation or the information which is relatable to the material found during the course of search operation. This pro....

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....y what one could understand from the orders of the Tribunal is that if there is any material found during the course of survey operation though it does not form basis for proceedings so far as protective assessment under Section 132 proceedings read with Section 158, but it has to be independently dealt with in accordance with the procedure. Again it does not mean that if any material is pointing ....