DEPUTY COMMISSIONER OF INCOME TAX Vs. GANESH DUBEY

JUDGEMENT

(1.) In this appeal preferred under Section 260A of the Income Tax Act, 1961 (for short 'the Act'), the challenge is to the order dated 20.01.2006 passed in I.T.A. NO. 70/Pat/2004 for the block period 90-91 to 2000-01.

(2.) A search and seizure operation was conducted at the residential premises of the respondent-assessee at Ranchi and Delhi on 13.01.2000 under Section 132(1) of the Act. During the search and seizure certain loose sheets and documents were found and those were seized. Those documents indicated assessee's investment in immoveable properties and foreign exchange dealings. A notice under section 158BC of the Act was issued on 15.09.2000 and served on the assessee requiring him to file a true and correct return of the total income. The assessee filed his return for the block period 01.04.1999 to 13.01.2000 by indicating that the total undisclosed income is Rs. 5,17,000/- Thereafter, the assessing officer took up the assessment and determined the total income for the block period at Rs. 4,98,47,849/-. A sum of Rs. 69,23,564/- has been lessened as per Section 158BC of the income disclosed in the return of the income filed before search

(3.) The assessee being dissatisfied preferred an appeal.The appellate authority dealing with the factum of deduction under Section 158BC of the Act held as follows: