TaxTMI 
TaxTMI 
2024 (11) TMI 1034
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....ding counsel for the Appellant in ITA No. 243 of 2008 and for the respondent In ITA No. 51 of 2007 ORDER SANJEEV PRAKASH SHARMA, J. These two appeals are preferred against the order dated 18.08.2006 passed by the Special Bench-B, comprising three Members of the Income tax Appellate Tribunal, New Delhi. 2. Brief facts of the case are that a search was conducted on 28.06.1996 at the residential premises of the assessee and undisclosed income as found. The Assistant Commissioner of Income Tax, Circle, Hisar passed the additional assessment Order under Section 132(1) of the Income Tax Act, 1961 (for short, 'the Act') on 27.06.1997. The appeal filed by the assessee before the Income Tax Appellate Tribunal was referred to a th....
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....Section 158-BB (1) of the Act as it stood on 01.07.1995, which is as under:- Computation of undisclosed income of the block period. 158BB. (1) The undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, "[in accordance with the provisions of this Act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer and relatable to such evidence), as reduced by the aggregate of the total income, or as the case may be, as increased by the aggregate of the losses of such previous years, determined,- (a) ....
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....n the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition relating to such previous years; (e) where any order of settlement has been made under sub-section (4) of section 245D, on the basis of such order; (f) where an assessment of undisclosed income had been made earlier under clause (c) of section 158BC, on the basis of such assessment. Explanation. For the purposes of determination of undisclosed income,- (a) the total income or loss of each previous year shall, for the purpose of aggregation, be taken as the total income or loss computed in accordance with th....
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....r has any other information and such other material with him, which is relatable to such evidence, the same can also be looked into for the purpose. Therefore, an assessment under Section 158-BC of the Act is required to be made both on the basis of result of search as well as post search enquiry and other proceedings which are in the nature of consequences of the evidence found as a result of search. The Tribunal has, therefore, succinctly and vividly observed as under:- "Thus, at every point where any money, bullion, jewellery or other valuable articles or thing is found during the course of search the question is required to be answered, does it constitute what has not been or would not have been disclosed for the purposes of th....
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....Lal & Company and original challans of license fee running into crores paid to Excise Department were also found. Large number of documents relating to correspondence with Excise Department, police cases, court cases relating to the firms carrying out liquor business, which were not in the name of the assessee, have also been found from his premises. 9. Copies of number of maps of godowns and vends, which were operated by various companies were also recovered from his premises. There were 7+9+7 truck loads recovered from three different places. Stock position of various liquor vends was also found. During the courses of search, statements of number of persons were also recorded, who stated that they were salesmen working in those vends. ....