2016 (6) TMI 959

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.... : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal is filed under Section 260A of the Income-tax Act, 1961 challenging the order dated 13.09.2004 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A' in ITA No.88/Ahd/2001 raising the following substantial question of law: "Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in ....

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.... u/s.133A of the Act was conducted at the premises of said M/s. Anupriya Synthetics. During the course of survey, it was found that payment of Rs. 4.40 Lacs by way of third party blank cheques was made by the purchaser to the son of assessee. Inquiries were conducted to trace the movement of cheques through different accounts. Thereafter, vide letter dated 05.12.2000, the assessee was asked to sho....

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....essee. 4. We have heard learned counsel Mr. B.S. Soparkar appearing for the assessee and Mr. Sudhir Mehta learned counsel appearing for the Revenue. 5. It is a matter of fact that while conducting search at the business as well as residential premises of the assessee, no material / evidence indicating receipt of "on money" by the assessee was found. In the Assessment Order, the Assessing Officer....

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....tion of the said amount, the Assessing Officer has not recorded any finding as to how the assessee had received "on money" from the sale of shop on the basis of the seized material. It is well settled law that in block assessment proceedings, the undisclosed income should arise out of search action and the evidence / material found during search should indicate the factum of nondisclosure on the p....