2015 (4) TMI 837

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....nal has allowed the said appeals preferred by the assessee by quashing and setting aside the respective two assessment for block assessment periods 199697 to 1.2.2002 and upto 17.7.2002 and block assessment period 1996-97 to 1.2.2002 and upto 17.7.2002, the Revenue has preferred present Tax Appeal with the following proposed substantial questions of law: "A. Whether on the facts and in the circumstances of the case and in law, the ITAT is justified in setting aside the assessment as invalid relying upon the judgment in the case of CIT vs. Senniappan (2006) 284 ITR 220 (Mad) without considering the fact that the Assessing Officer has taken into consideration various seized documents for the computation of the undisclosed income, which is cl....

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....llowed the appeal of the assessee. Regarding the additions made by the AO on account of undisclosed provide on sale of shops of Rs. 30,84,600/-, the learned CIT(A) restricted two addition of Rs. 7,39,800/- and granted relief to the assessee for Rs. 23,44,800/-. Regarding the income for sale of flats amounting to Rs. 53,79,800/-, the learned CIT(A) allowed the reduction of Rs. 27,36,000/- out of Rs. 53,79,300/- and sustained remaining out of Rs. 26,43,300/-. 2.2. Feeling aggrieved and dissatisfied with the orders passed by the learned CIT(A), the assessee challenged the validity of the assessment proceedings under Section 158 BC of the Act and submitted that material used for making addition under Section 158 BC of the Act was gathered duri....