Law:

Section:

Section 158BB, read with section 260A, of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income, computation of - During course of search under section 132, certain incriminating material were recovered from residential and business premises of assessee and its partners - On basis of material found during search, ITO made certain additions in block assessment of assessee which was also upheld by Tribunal - Whether since books of account of assessee were not reliable, assessment had to be made in light of material recovered during search and in that process, certain amount of estimate was unavoidable - Held, yes - Whether, therefore, instant matter should not be interfered under section 260A, by substituting an estimate in place of one of Tribunal unless it was shown that estimate of Tribunal could not possibly be reached - Held, yes A.K. Mittal for the Appellant. JUDGMENT N.K. Sud, J. - This appeal is directed against an order dated March 28, 2001, of the Income-tax Appellate Tribunal, Delhi Bench (for short, "the Tribunal"), wherein certain additions made in the block assessment of the assessee have been upheld. 2. According to the appellant, the following substantial questions of law are involved for adjudication by this Court: "1. Whether, on the facts and in the circumstances of the case, the order Annexures P1, P2 and P3 are legally sustainable? 2. Whether, on the facts and in the circumstances of the case, the order Annexures P1, P2 and P3 are legally sustainable inasmuch as the relevant authorities have failed to consider that the assessee had been doing job work and crushing mustard seeds for others for price and seized document contains the details of mustard seeds crushed up to July 31, 1993, belonging to assessee as well as outsider? 3. Whether, on the facts and in the circumstances of the case, the order Annexures P1, P2 and P3 are legally sustainable inasmuch as there is no relevant and cogent evidence to support the addition of Rs. 5 lakhs as alleged net profit on imaginary sales of mustard oil? 4. Whether, on the facts and in the circumstances of the case, the order Annexures P1, P2 and P3 are legally sustainable…

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