RAJESH SYAL Vs. COMMISSIONER OF INCOME TAX-I

JUDGEMENT

(1.) THIS appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against the order of Income Tax Appellate Tribunal, Bench 'B', Chandigarh, in ITA No. 1132/Chandi/1996 for the block period from 1.4.1985 to 7.9.1995 dated 28.2.2008, proposing to raise the following substantial questions of law:

(2.) SEARCH was conducted at the business and residential premises of the assessee on 7.9.1995 resulting in seizure of cash, FDRs and other documents. In response to notice under Section 158BC, the assessee filed return as per Section 44AD. Assessment was made in respect of undisclosed income. On appeal, the assessment was affirmed except for deletion of some of the amounts, as indicated in the impugned order.

(3.) LEARNED Counsel for the assessee submits that the impugned order is perverse inasmuch as income for the assessment year in which search took place, could not be treated as undisclosed income in view of provisions of Section 158BB(1)(d) of the Act. We are unable to accept the submission.