COMMISSIONER OF INCOME TAX Vs. V.K. BHATNAGAR

JUDGEMENT

(1.) The present appeals have been preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') impugning the common order dated 08.04.2008 passed by the Income Tax Appellate Tribunal ("the Tribunal") in IT(SS)No. 141/Del/2005 and IT(SS) No. 175/Del/2005. Whereas IT(SS)No. 141/Del/2005 was preferred by the assessee against the order dated 23.01.2007 of CIT(Appeals), IT(SS)No. 175/Del/2005 was a cross appeal filed by the Revenue impugning the same order.

(2.) The present appeal emanates from proceedings initiated under Chapter XIV-B of the Act. Search and seizure operations were conducted at the residence of the assessee and at the school premises belonging to the Bhatnagar School, on 15.01.1999. During the said search and seizure operations, certain cash and incriminating documents were seized. Thereafter, pursuant to a notice under Section 158BC of the Act, the assessee filed its return for the block period, 01.04.1989 to 15.01.1999, returning an undisclosed income of Rs. 50 lacs.

(3.) The Assessing Officer computed the assessee's undisclosed income at Rs. 1,64,75,600/-, which was in addition to the sum of Rs. 50 lacs declared by the assessee in its return. Aggrieved by the said assessment order, the assessee filed an appeal before the CIT (Appeals). The appeal of the assessee was partly allowed and certain additions made by the Assessing Officer were deleted. Aggrieved by the same, both the assessee and the Revenue preferred appeals before the Tribunal which were disposed of by the common order dated 08.04.2008 (impugned order).