COMMISSIONER OF INCOME TAX, BHOPAL Vs. SUBODH VARSHNEY

JUDGEMENT

(1.) This appeal preferred by the revenue under Section 260-A of the Income Tax Act, 1961 [hereinafter referred to as 'the Act'], calls in question the legality of an order dated 24-11-2014 passed by the Income Tax Appellate Tribunal, Indore (for brevity 'the Tribunal') in IT(SS)A No.236/IND/2014.

(2.) A search and seizure operation was conducted in the residential and business premises of one Arun Lila, who was carrying out certain business activities in the name and style of M/s Lilasons Infrastructure Pvt. Ltd., Bhopal. In the said search and seizure operation, certain papers and documents belonging to the present appellant/assessee, namely, Subodh Varshsney were found.

(3.) On the basis of the seized materials the Assessing Officer proceeded for issuance of a notice under Section 153-C read with Section 153-A of the Act, recording the reasons that the assessee is Non