2005 (12) TMI 85

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....d consequently the undisclosed income of the assessee? (ii) Whether, on the facts and circumstances of the case, the Tribunal was right in deleting the interest income for the assessment years 1989-90 and 1990-91? (iii) Whether, on the facts and circumstances of the case, the Tribunal was right in treating the concealed income as belonging to various members of the assessee's family and dividing the same between them instead of taxing the entire amount in the assessee's hands? (iv) Whether, on the facts and circumstances of the case, the Tribunal was right in spreading over the undisclosed income over a period of five years, when it has actually been assessed in the three assessment years? and (v) Whether, on the facts and circu....

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.... much lower figure. Against the common order of the Commissioner of Income-tax (Appeals), the Revenue filed appeals before the Income-tax Appellate Tribunal. After hearing the arguments of learned counsel, the Tribunal held that the order of the Commissioner of Income-tax (Appeals) is reasonable in all respects and confirmed the same. Hence these appeals. Heard learned counsel for the appellant. In respect of question No. 1, there was a clear finding given by the Tribunal that the amount reflected in the seized pronotes were inflated and actual amount of advance made by the assessee-respondent were less than the amounts shown in the respective pronotes, and also the actual amount of money advanced was as low as 30 per cent. of the ....