COMMISSIONER OF INCOME-TAX Vs. P.K. GANESHWAR

JUDGEMENT

(1.) THE following questions of law were framed in this tax case. However, the learned Counsel would refer only to questions 1 and 4 for consideration.

(2.) THE assessee is an individual. On September 10, 1997, a search was carried out under Section 132 of the Income -tax Act, 1961. Certain items were seized and assessment was made for the block period April 1, 1987, to September 10, 1997. Pursuant to investigation which followed after the search, a letter of credit was found which led to the discovery of fixed deposits standing in the names of several persons and the value of the fixed deposit in the fictitious names amounted to Rs. 2.83 crores.

(3.) THE Department was aggrieved by the deletion of Rs. 21.70 lakhs from the undisclosed income. So both the assessees and the Department filed appeals before the Income -tax Appellate Tribunal. Before the Tribunal additional evidence was filed by the assessee in spite of the objection by the Department. The Tribunal considered the additional evidence and after giving a finding on the merits, rejected the additional evidences.