CIT Vs. TIRUPATI ENTERPRISES

JUDGEMENT

(1.) This appeal by the revenue has been filed against the judgment of the Tribunal dated 5-1-2005, confirming the order of the learned Commissioner (Appeals), who deleted the addition of Rs. 2,95,000 made by the assessing officer for the cash credits.

(2.) The appeal was admitted on 9-3-2006 by framing the following substantial question of law:

(3.) The necessary facts are that a search operation was undertaken, and consequently notices were issued under Section 158BD. The assessee filed return on 15-4-1999 in response to the notice declaring nil as undisclosed income, and the very action of initiating proceeding under Section 158BD was challenged, inter alia, taking the plea that regular returns for the earlier years have already been filed.