COMMISSIONER OF INCOME TAX Vs. ARMAN SHEIKH

JUDGEMENT

(1.) THIS appeal by the Revenue preferred against the Judgment and Order dated 7. 9. 2005 passed by the Income Tax Appellate Tribunal, Guwahati Bench in I. T. A. No. 119 (Gau) of 2003 has been admitted for hearing on the following question of law:-

(2.) WE have heard Mr. U. Bhuyan, learned Standing Counsel for the Revenue and also Dr. A. K. Saraf, learned senior counsel for the respondent. .

(3.) THERE was search and seizure in the business as well as residential premises of the assessee on 20. 7. 2000. Proceedings under Section 158 BC of the Act were initiated. The assessee filed his return for the block period 1991-1992 to 2001-2002 declaring undisclosed income of Rs. 12,25,300/ -. The Assessing Officer by the order dated 31. 7. 2002 assessed the income not disclosed by the assessee at Rs. 1,34,32,183/ -. The assessee preferred an appeal before the Commissioner of Income Tax (Appeal- I), Guwahati challenging the addition of Rs. 65,28,354 and Rs. 39,70,728/- for the assessment years 2000-01 and 2001-02. The Appellate Authority vide order dated 7. 8. 2003 deleted the addition as the said amounts were found to have been disclosed. The Revenue challenged the order of the First Appellate Authority before the learned Tribunal in I. T. A. No. 119 (Gau)/2003. The learned Tribunal dismissed the appeal affirming the order passed by the First Appellate Authority.