2011 (3) TMI 1648

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....f Nandoliya group of cases and during the search, documents were seized which showed that Mr. Rashid I. Nandolia and Mr. Rafik I Nandolia were having share holding in the assessee company and that the seized documents also showed that Mr. Rafikbhai and Mr. Rashidbhai received profits of ₹ 12,500/- each from M/s apex in 1998. The A.O. also found that the company had shown profits only to the extent of ₹ 4,716/- and ₹ 3,732/- in 1999-2000 and 2000-2001, respectively, whereas, documents showed that both Mr. Rafik I Nandolia and Mr. Rashid I Nandolia received profits of ₹ 12,500/- each in both the years. The A.O., therefore, concluded that the documents showed that the company made profits to the extent of ₹ 5 lakh....

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....pellant submits that there is no mention in the Assessment Order that any satisfaction was recorded by the Assessing Officer while completing the Block assessment of Nandokya Group of cases that any undisclosed income belongs to the assessee and as such the issuance of notice u/s 158BD is ab-initiovoid and bad in law. 3. The appellant submits that even on merits the Learned CIT(A) has erred in confirming the action of the Assessing Officer in determining undisclosed income of the appellant Company at ₹ 10 lakhs. The assessee also raised an additional ground which reads as follows: "The order passed by the Assessing Officer is ab-initio-void and bad-in-law since the same has been passed without issuing notice u/s 143(2) of the I....