2008 (5) TMI 249

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.... The judgment of the court was delivered by C.N. RAMACHANDRAN NAIR, J. - This is an appeal filed by the assessee challenging the addition sustained by the Tribunal under Section 69B of the Income Tax Act, 1961. The Assessee is a firm which was engaged in running of a tourist home. During search conducted on 9.10.1987, the department noticed creation of asset in the form of a building construct....

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....als leading to finality of order of Commissioner of Income-tax (Appeal). 2. Even though assessee has raised several questions of law, we do not think any question raised is a substantial question of law on which only appeal is maintainable under Section 260A of the Income Tax Act. The unexplained investment is deemed income of the year in which investment is made as provided under Section 69B o....

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....states that the unexplained investment should be treated as the income of the year in which investment is made. There is nothing on record to prove the stage of construction of the building at the time of acquisition by the firm and the period during which subsequent additions to the building was made. The claim for spreading over of the investment for several years can be granted only if it is pr....