2011 (9) TMI 1036

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....sel with Mr. S.G. Lakhani P.C. : 1. Following five questions of law are raised by the Revenue in this appeal. a) Whether, on the facts and circumstances of the case and in law, the Tribunal was justified in allowing personal expenses incurred as business expenditure ? b) Whether, on the facts and circumstances of the case and in law, the Tribunal was justified in allowing the personal ....

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.... cash expenses ? 2. The dispute in the present case relates to the block period from 1st April 1997 to 13th May 2003. 3. A search and seizure operation was held at the premises of the assessee on 13th May 2003. In response to a notice issued under Section 158BC of the Income Tax Act, 1961, the assessee filed block return declaring undisclosed income of Rs. 30,00,000/. 4. In the block asse....

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....officer had made addition of Rs. 24,27,520/on account of various expenses which were not recorded in the books of account in addition to the undisclosed income of Rs. 30,00,000/declared by the assessee. The Tribunal has held that though the assessee had declared undisclosed income of Rs. 30 lakhs that amount was not seized during the course of search and in the absence of any finding recorded by t....

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....o question of law arises from the order of the Tribunal. Accordingly, questions (c) and (d) cannot be entertained. 7. As regards question (e) is concerned, the assessing officer made addition of Rs. 7,37,000/being the expenses incurred by the assessee on behalf of associate concerns on the ground that the assessee has failed to prove that the expenses incurred were out of the funds withdrawn....