TaxTMI 
TaxTMI 
2006 (9) TMI 99
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....l)/1996 relevant for the block period assessment year 1986-87 to 15th September, 1995. 2. A search was carried out in the business and residential premises of the Aggarwal Group. On the basis of the material said to have been obtained during the search, the Assessing Officer made an addition of Rs.65,45,000/- on account of unexplained cash credit in the books of the assessee. The Assessing Office....
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....as found during the search to show that the credits appearing in the books of accounts were not genuine. We have been shown the definition of undisclosed income under Section 158 B(b) of the Act. This reads as follows : "158B. In this Chapter, unless the context otherwise requires--… (b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any incom....
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.... been filed by the Assessee in respect of the relevant assessment years and we are told by learned counsel for the Respondent that regular assessments have been completed. 6. It is significant to note that the Tribunal has noted, as a matter of fact, that no material has been detected as a result of the search or gathered as a result of the enquiries conducted on the basis of the material detecte....
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....It was stated by learned counsel for the assessee that the Assessing Officer had failed to appreciate that in some of the cases agreement to sell and sale deed were also executed. It was also stated that similar issues arose in several other cases which were all decided in favour of those assessees and the order passed by the Tribunal in respect of those assessees were accepted. 10. Keeping all t....