TaxTMI 
TaxTMI 
1999 (9) TMI 8
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed the following questions of law arising out of its order dated January 11, 1994, for the assessment year 1986-87. "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee has not concealed the particulars of income, as concealment has to be considered with reference to the return of income filed by the assessee, when th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y 3, 1986, and possession was taken of the aforesaid cash by the ADI (Inv), Unit-II, Bangalore, on January 4, 1986. An order under section 132(5) was passed on March 27, 1986. The assessee filed a return of income on July 28, 1986, declaring a total income of Rs. 10,59,650 including the seized cash and declaring business income of Rs. 8,000 and the return was claimed as having been filed under the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y by declaring assets seized by the Department. The assessee filed an appeal against the order of the Assessing Officer under section 271(1)(c) and the Commissioner (Appeals) held that in view of the assessee disclosing the cash seized as income in the return filed by him on July 28, 1986, on account of his inability to explain the cash and as the original owner disowned it, it cannot be held that....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ng the penalty on the ground that there was no search under section 132 as the unaccounted money which was considered as income under section 139A (sic) was requisitioned under section 132A. It appears that the Tribunal has lost sight of the provisions of sub-section (3) of section 132A which is as under: "132A. (3) Where any books of account, other documents or assets have been delivered to the ....