2002 (4) TMI 33

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....e sides, since the matter involves a short point, it has been taken up for final disposal. The matter pertains to the assessment year 1993-94. The assessee filed returns of income on January 31, 1994, declaring the total income of Rs.1,29,000. In response to the notice issued under section 143(2) of the Act, the assessee appeared through his authorised representative and during the proceedings, it was found that the assessee had maintained two sets of accounts, one in respect of the processing division and the other in construction division. The business of the processing division was in the name and style of Girish Silk Mill. The construction division business was in the name of Garden Avenue Apartments. During the search proceedings un....

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....f construction to the extent of Rs.3 lakhs. The Commissioner of Income-tax (Appeals) considered these contentions in the following terms: "I have carefully considered the submissions made by learned counsel for the appellant. It is seen that the appellant has given clear and unequivocal bifurcation of the undisclosed income of Rs.5 lakhs. In the bifurcation, the appellant has clearly mentioned that the amount of Rs. 3 lakhs has been spent for construction of Garden Avenue Apartment. It has also seen that in his statement under section 132(4) during the course of search, the appellant has also made it clear in reply to question No. 6 that a part of the undisclosed income has been used in building construction in apartment. The fact that t....