The Commissioner Of Income Tax-7 v. Mr. Suresh C. Basantani

SSM IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 3923 OF 2009 The Commissioner of Income Tax-7.... Appellant VERSUS Mr. Suresh C. Basantani .... Respondent Ms. Suchitra Kamble for Appellant.Mr. Jitendra Jain a/w Mr. Jas Sanghvi i/b. P.D.S. Legal for Respondent. CORAM:J. P. DEVDHAR and R. M. SAVANT, J.J.DATED:DECEMBER 13, 2010. P.C.: 1.The question raised in this Appeal is whether ITAT was justified in deleting the addition of Rs.17,00,000/- and Rs.4,03,105/- made in the block assessment on the basis of the loose papers seized from the premises of the Petitioner's during the course of search. The Assessing Officer made additions by treating the figures shown in the loose papers as undisclosed income invested by the assesee in the immovable property. 2 itxa.3923.09 2.The CIT (A) has upheld the additions made by the Assessing Officer. On further appeal the Tribunal deleted the additions on the basis of the Affidavit filed by the assessee to the effect that he had no knowledge of the loose papers and its contents and that the writing on the seized papers are not in his hand writing. Admittedly, the additions sought to be made on account of alleged investment in the immovable properties have been deleted by the Tribunal and the said order has attained finality. 3.In these circumstances, in the absence of any material to show that the seized papers represented undisclosed income of the assessee which were invested in the immovable property could not be sustained. The decision of the Tribunal does not suffer from any infirmity. Accordingly, the Appeal is dismissed. (R. M. SAVANT, J) (J. P. DEVDHAR, J)