COMMISSIONER OF INCOME TAX Vs. ASHOK KUMAR SONI

JUDGEMENT

(1.) THIS appeal is directed against the order of the Tribunal, Jodhpur Bench, Jodhpur dt. 31st May, 2001 reported as Ashok Kumar Soni v. Dy. CIT (2001) 72 TTJ (Jd) 323 -Ed. At the time of admission, following two questions were framed as substantial questions of law arising for consideration in this appeal:

(2.) THE question relates to addition made by the AO in the income of the assessee -respondent as undisclosed income on the basis of undisclosed investment made in the construction of house property in question during the period of block assessment for asst. yrs. 1987 -88 to 1997 -98.

(3.) THE residential premises were belonging to respondent -assessee, Ashok Kumar Soni, the elder son of Shrichand Soni, who was residing there with him along with his other son. During the course of search, the statement of Shrichand Soni as well as the assessee were recorded. On the basis of said statements, the AO considered that the assessee has made investment in construction of house property to the extent of Rs. 14,50,000 out of his undisclosed income. In pursuance of notice issued under Sections 158BC and 158BD for block assessment, the assessee has filed his return in which he has disclosed Rs. 7,50,000 as investment made for construction of house out of his income from undisclosed sources. The extent of amount disclosed as invested in the construction of house was not acceptable to the AO on the basis of statement made by the assessee's father which according to the AO, the son has ratified in toto. He made additions in the investment of income from undisclosed sources to the extent of Rs. 14,50,000 instead of Rs. 7,50,000 disclosed by the assessee as income from the undisclosed sources and invested in the house.