2007 (4) TMI 219

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....ng to the assessee, following questions of law do arise out of the aforesaid order of the Tribunal. "(a) Whether in a search proceedings unaccounted cash which is found in possession of some other person, other than the assessee, then on mere admission by the assessee that out of the said cash some belongs to him, can be a basis of initiating proceedings under section 158BC against him? (b) Whether under given facts and circumstances of the case the assessment made under section 158BC was valid, legal and in conformity with the provisions of law, where the tax liability and its payment attracts separate rates/slab? (c) When unaccounted cash was found in the custody/luggage of Hemubhai and Krishna Shetty in the course of security ch....

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.... contended by the said two persons that out of the sum of Rs. 34,65,000, a sum of Rs. 23,65,000 belongs to the assessee, ir execution of the warrant issued against the assessee, his statement was recorded under section 132(4) of the Income-tax Act, 1961. In his statement, the assessee admitted that he and his family members had given cash amount of Rs. 23,65,000 to Hemubhai Raichure and the said amount of Rs. 23,65,000 recovered from Hemubhai Raichure represented undisclosed income of the assessee and agreed to offer the said amount for taxation in his name and his family members as income in addition to the income as per the books maintained by the assessee. On October 31, 1995, notice under section 158BC was issued to the assessee. In ....