COMMISSIONER OF INCOME TAX Vs. ANUPAM SWEETS

JUDGEMENT

(1.)

(2.) A search under s. 132 of the IT Act, 1961 (hereinafter referred to as 'the said Act') had been conducted at the residential premises of Sh. R.K. Gupta and Sh. Devender Gupta and their company named M/s Chintpurni Constructions (P) Ltd. The block assessment in the case of said M/s Chintpurni Constructions (P) Ltd. was completed by the AO of the assessee that an investment of Rs. 11,53,000 had been made by the assessee and a further sum of Rs. 2.55 lakh had been paid to the said M/s Chintpurni Constructions (P) Ltd. on account of labour charges. Based on the said information, the AO of the assessee initiated proceedings under s. 158BC r/w s. 158BD of the said Act against the assessee. In the block assessment made in the case of the assessee, the AO determined the undisclosed income of Rs. 1,44,9413 on account of investment in the property No. HS -11, Kailash Colony Market, New Delhi. The assessee challenged the order of the AO, both on the ground of jurisdiction as well as on the merit of the addition.

(3.) JURISDICTION to assess the assessee under s. 158BC r/w s. 158BD of the said Act. The CIT(A), however, deleted the addition made on account of investment in the property.