Law:

Section:

JULY 7, 2011 Section 132, read with section 158BC, of the Income-tax Act, 1961 - Search and seizure - General - Block Period 1-4-1989 to 16-3-1999 - Presumption raised by Assessing Officer with regard to seized diary is a valid one [In favour of revenue] Search and seizure action under section 132 was conducted in the business premises of the assessee-firm as well as the residential premises of the partners. It was found from the seized material that the partners of the firm had acquired certain immovable and movable properties. In one of the partners' diary it was found that a property was purchased for Rs. 29 lakhs, but it was stated by the assessee that the property was purchased for Rs. 14.32 lakhs only, but the Assessing Officer proceeded to include the difference being Rs. 16.30 lakhs as unexplained investment in the block assessment. Held that the presumption, raised by the Assessing Officer with regard to the seized diary was a valid one and it was very much available to be raised under section 132(4A). Therefore, there was no infirmity in the order passed by the Assessing Officer. CASE REVIEW CIT v. Mukundray K. Shah [2007] 290 ITR 433/160 Taxman 276 (SC) and P. R. Metrani v. CIT [2006] 287 ITR 209/157 Taxman 325 (SC)applied. CASES REFERRED TO P. R. Metrani v. CIT [2006] 287 ITR 209/157 Taxman 325 (SC) (para 4) and CIT v. Mukundray K. Shah [2007] 290 ITR 433/160 Taxman 276 (SC) (para 4) . T. Ravikumar for the Appellant. T.N. Seetharaman for the Respondent. JUDGMENT Elipe Dharma Rao, J. - The present appeal is preferred against the order of the Income-tax Appellate Tribunal, Madras "A" Bench, dated January 19, 2007, in IT (SS)A. No. 60/Mds/2003 for the assessment year : block period April 1, 1989, to March 16, 1999. 2. The following substantial question of law has been formulated at the time of admission of the appeal : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in deleting the addition made by the Assessing Officer on account of purchase of land by the assessee, when incriminating documents found during the search, is showing a higher value when the documents relating to the purchase, showing a lesser figure ?"…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492