RAJENDRA PRASAD GUPTA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this appeal, following questions are raised :

(2.) A search under Section 132 of the IT Act, 1961, took place on 31st Aug., 1995 at the assessee's premises. Cash book and other records relating to business of appellant were found and seized. Inter alia, after perusal of the record, the income was assessed in the block year.

(3.) COUNSEL for the appellant submits that the correct figure is Rs. 48,500. The AO on the basis of the record considered the amount found for the period from 26th Oct., 1993 to 13th Dec., 1994. At the time of search, assessee himself admitted that Rs. 75,750 had already been advanced. On the basis of this figure and the material found total amount in the block year comes to Rs. 1,15,250 and on the basis of investment, which had not been explained before the AO, the AO added Rs. 50,000 on this account.