2016 (7) TMI 213

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....lopment. Search action took place in connection of the petitioner between 13.11.2014 to 16.11.2014 resulting into notice under section 153A of the Income Tax Act, 1961 ('the Act' for short) on 30.06.2015. During the search and the return that the petitioner filed in response to the notice, the petitioner had disclosed certain additional income. In this background, the respondent Deputy Commissioner of Income-tax, passed an order on 04.09.2015, attaching various immovable properties of the petitioner mentioned in the said order in exercise of powers under section 281B of the Act. This order would have life of six months. He therefore, upon completion of such period, passed a fresh order on 22.02.2016, giving description of the proper....

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....ceipts which can be subjected to tax. 4. On the other hand, learned counsel Shri Bhatt for the department opposed the petition contending that during search operation, several statements were recorded. Incriminating material was collected, primafacie, showing onmoney receipts by the assessee. He submitted that all issues can be gone into at the time of framing of the assessment for the block period. However, at this stage, it can be estimated that the additions could be in excess of Rs. 60.39 crores. It would be too premature to even estimate such additions. However, it cannot be denied that the petitioner could be visited with sizable tax demand with interest and penalties. To protect the interest of the revenue, therefore, the respondent....