2014 (11) TMI 267

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....t : Sri K V Aravind, Adv. For the Respondent : Sri S Parthasarathi, Adv. JUDGEMENT Per: N Kumar: The Revenue has preferred these appeals against the order passed by the Income Tax Appellate Tribunal (hereinafter referred as 'Tribunal' 2. All these appeals are preferred against the common order passed by the Tribunal where a common question of law is involved. Therefore, they....

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.... floor of the residence. The search was again commenced on 07.10.2002. It was temporarily concluded on 07.10.2002. As per the copy of the panchnama dated 07.10.2002, an order under Section 132(3) was passed wherein inventorised jewelry was kept in the safe locker under the master bedroom of the Assessee. Documents were also inventorised. It show the said search was concluded on 07.10.2002. The jew....

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....ontained the extract of savings bank account No.5612 which was in the name of Balakrishna K. Shetty. His statement was recorded on 12.09.2002. The said bank account contained heavy deposits and withdrawals. After going through the said statement, the assessing authority came to the conclusion that this bank account contained transactions related to the Assessee and it contained deposits in respect....

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....uent to amendment held the income computed in the hands of the Assessee as undisclosed income could not have been taxed under the block assessment and the same has to be considered for regular assessment. As the said income was not detected during the search. Aggrieved by the said order of the Tribunal the revenue is in appeal. 8. We have heard the learned counsel for tlhe parties. 9. It is ....