2014 (11) TMI 15

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..... JUDGEMENT Per: N Kumar: The revenue has preferred this appeal challenging the order passed by the Tribunal partly allowing the appeal of the assessee and granting relief to him. 2. The subject matter of this appeal is as under:-     (i) Investments made by certain share holders in M/s Bellaire Apartments Limited;     (ii) Investments made in M/s Sy....

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....     1. Whether the Tribunal was correct in holding that the additions on account of unexplained investment in shares, bullion etc., do not constitute undisclosed income when these transactions were not recorded in the books of accounts of the assessee and the same was not liable to be brought to tax in accordance with Section 158BB of the Act?     2. Whether the T....

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.... money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act, or any expense, deduction or allowance claimed under this Act which is found to be false." 6. However, the computation of undisclosed income of the bloc....

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.... 7. A reading of the aforesaid Section makes it clear that the undisclosed income of the block period shall be the undisclosed income as defined under Section 158BA, BB and other documents and such other materials or information as are available with the assessing officer and relatable to such evidence. Taking into consideration both these, the computation of undisclosed income of the block peri....