2016 (12) TMI 248

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.... : S.D. Singh ORDER Heard Shri Krishna Agrawal, learned counsel for the department and Shri Tanmay Sadh, learned counsel for the respondent. This appeal has been filed by the department under Section 260A of the Income Tax Act, 1961 against the order passed by the tribunal dated 23.05.2008 relating to block period ending on 14.09.2002. The questions of law sought to be answered are as und....

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....n of the house property was made largely out of profits earned by the assessee from sale of shares. Post search enquiries were conducted and the A.O. came to the conclusion that the transaction in shares was a sham transaction. The A.O., therefore, concluded that the whole transaction was done to re-oute the undisclosed money of the assessee by introducing the same in his regular books as capital ....

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....re not recorded during the course of search. Neither there was any material found during the search leading to the discovery of the bogus nature of the share transaction nor were the suspicion raising statements recorded during the course of search. The assessee had disclosed the share transaction in regular return of income tax filed by him before the date of search. The Hon'ble ITAT has c....

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.... 158 BB of the Act. The assessee has rightly relied on a decision of this Court in the case of Commissioner of Income Tax Vs. N.K. Laminates P. Ltd. reported in (2014) 365 ITR 211 (AII) wherein the Court has examined at length the provisions of Section 158B, 158BB and 158 BC of the Act which relate to undisclosed income and has come to the conclusion that the material which is not found at the ....