2008 (6) TMI 208

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....GMENT The judgment of the court was delivered by C. N. RAMACHANDRAN NAIR J.- This appeal is filed by the assessee against the order of the Tribunal partly confirming and partly cancelling the Commissioner of Income-tax (Appeals)'s order on the block assessment completed on the appellant-assessee for the period     commencing from 1988-89 to 1998-99. A search was carried o....

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....ome (Appeals) to R.s.13 lakhs. Even though the other additions are sustained by the Commissioner of Income-tax (Appeals) the Tribunal deleted the     entire additions except the above two additions sustained by the Commissioner of Income-tax (Appeals). It is against this order the assessee has filed this appeal. We have heard Sri P. Balakrishnan, counsel appearing for the appel....

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....f this case, the petitioner can successfully contest the assessment confirmed in appeal by the Tribunal because in the course of search investments in several items of properties and expenditure of various types were detected by the Department. However, search led to enquiry, and in the course of enquiry even though the assessee furnished detailed cash flow statement and furnished names and addres....

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.... this case, the issue involved is only whether the lower authorities including the Tribunal were justified in rejecting the explanations regarding investments and expenditure which are attempted to be proved through the cash flow statement containing borrowals taken from several relatives. However, additions were sustained in part only because relatives did not prove the transactions of advances m....