Provision of the Act prescribe assesseement based on searched material vest power AO to initiate proceeding under sec 158BD read with sec 158BC

Last updated: 04 April 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case and in law the CIT(A) erred in sustaining the addition of Rs. 83,00,000/- made by the Assessing Officer on protective basis in respect of income from alleged undisclosed sources on the basis of the credit entries supposedly in the name of the appellant found mentioned in the seized note books/ diaries of one Shri Ramnik Chawda treating the same as unexplained deposits of the assessee. In so doing the authorities below completely ignored the submissions made by the appellant and the facts presented in support of his plea

Citation :
Kapil Dev 39, Sunder Nagar,New Delhi.PAN/GIR No. K-55 (Appellant) Vs.JCIT Spl. Range,New Delhi.(Respondent)

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1 Year PLAN
1999
(Excl. of GST ₹359)

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2 Years PLAN
3499
(Excl. of GST ₹629)

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CS Bijoy
Published in Income Tax
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