2002 (8) TMI 38

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..... Whether the learned Income-tax Appellate Tribunal was right in deleting the addition of Rs. 41,400 by holding that when entries find place in the regular cash book, then no addition can be made in the block assessment until there is evidence to the contrary? 4. Whether the addition on the basis of examination of the regular books of account seized during the course of search is out of the purview of the block assessments?" A search and seizure operation was carried out at the residential and business premises of the director of the assessee-company on November 9, 1995, and some incriminating documents/papers pertaining to the assessee-company were found during the search and seizure operation and the same were seized. A notice un....

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....us parties, they were not produced, the Assessing Officer, has rightly assessed the tax treating it as undisclosed income. He further submits that the valuation of the constructed building could be assessed as per the CPWD rates and it also depends upon various factors, no straightjacket formula shall apply to assess the valuation of the constructed building on the basis of the PWD or the CPWD rates. He supported the view taken by the Assessing Officer. Mr. Kasliwal, learned counsel for the assessee, submits that the deposits made by Shri Ram Kumar Dhanuka should not be taxed as he is one of the collaborators and the returns were not filed by the assessee-firm in these years as the assessee was engaged only in one project. Unless that pr....

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.... 1993-94. Section 158B(b) relates to undisclosed income which reads as under: "undisclosed income" includes any money bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act or any expense, deduction or allowance claimed under this Act which is found to be false." The Tribunal has deleted the addition on the ground that as the entries are shown in the regular cash books, therefore, it cannot b....