2007 (7) TMI 36

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....hupatinath Jee Tours and Travels at its business and residential premises of its partners and their relatives. The Assessee is a partner of this firm and during the course of search of his residence B-174, East of Kailash, New Delhi, some papers of properties in which Assessee had made investments were found. The Assessing Officer made a reference to the Valuation Officer and treated the difference between the valuation as per Departmental Valuation Officer's report and the declared value of the properties as Assessee's undisclosed income for the assessment year 1999-2000 and the period 1^st April, 2000 to 17^th November, 2000. 3. In appeal, Commissioner of Income Tax (Appeal) ["the CIT (A)] deleted the additions made by the Assessing Of....

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.... "(b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such 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 the Act.? 8. It is clear from the above definition that the income or the property, which has been disclosed or would have been disclosed for the purpose of this Act, does not form part of the undisclosed income for purpose of block assessment. Under the provisions of Chapter XIV-B only such of the afore....