COMMISSIONER OF INCOME TAX Vs. D P KARAI

JUDGEMENT

(1.) THE CIT, Jamnagar, has filed this Tax Appeal No. 199 of 2003 under s. 260A of the IT Act, 1961 (hereinafter referred to as "the Act") requesting this Court to frame and decide following substantial questions of law arising out of the order of the Tribunal, Rajkot Bench, Rajkot in ITA No. 5/Rjt/2001 for the block period from 1st April, 1987 to 29th Jan., 1998, decided on 3rd Jan., 2003 :

(2.) DURING the course of hearing of this Tax Appeal, one more substantial question of law is proposed to be raised by Mr. Pranav G. Desai, learned counsel appearing for the Department, which is as under :

(3.) DURING the course of block assessment proceedings, the respondent-assessee, besides stating what was stated in the affidavit, relied upon certain decisions and contended that though admission of income was a good piece of evidence, it was not conclusive. The fact of disclosure under VDIS was reiterated to show that his earlier statement was erroneous one. The AO, after considering the detailed written submissions, the depositions made and the arguments put forward and after perusal of the details produced, arrived at the conclusion that the income from undisclosed sources for the block period was at Rs. `Nil' as was returned by the respondent-assessee for the period under reference, vide his order dt. 13th July, 1998.