SUDHAKAR T. PENDSE Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The basic question raised in this appeal is, whether the Tribunal is justified in sustaining the addition of Rs. 3.17 crores as undisclosed income in the hands of the appellant.

(2.) The Assessment year involved herein is the Block period from 1-4-1995 to 19-12-2001.

(3.) The appellant is a Director of M/s. Nalani Properties Pvt. Ltd. On 19/12/2001 the premises of the petitioner as well as the premises of M/s. Nalini Properties Pvt. Ltd. and its accountant were searched. The search resulted in seizing the minutes of the Board of Directors of M/s. Nalini Properties (P) Ltd. held on 22/6/2000, wherein it was decided to share the profits in the ratio of 66% to the appellant and 34% to the company.