2014 (11) TMI 48

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....e Income Tax Act, 1961 proposing following substantial question of law which has been pressed at the time of argument. "i. Whether on the facts and in the circumstances of the case, the learned Tribunal was justified in law to hold that the addition of account of unexplained cash balance was not justified." A search and seizure operation was carried out on the premises of the assessee on 10.....

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....sessment order. The contention of the Ld. Counsel is that this was done taking into consideration of the physically inventory of stock figure compared with the book stock on the date of search. Sales figure was reduced by the cost and applying the G.P. the figures were arrived at. According to the Ld. Counsel the search was conducted on 10-3-99 i.e. 20 days before the closure of the financial year....