The Commissioner Of Income-Tax(Central) Pune v. Mr. Santosh Vasant Shetty

IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 3332 OF 2010 The Commissioner of Income-Tax(Central) Pune. Vs. Mr. Santosh Vasant Shetty. ..Appellant. ..Respondent. Mr. Vimal Gupta for the Appellant. CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ. DATE : 6TH JULY, 2011. P.C. The question of law raised by the revenue in this appeal reads thus : “Whether on the facts and circumstances of the case and in law, the Tribunal was justified in restricting the undisclosed income of the assessee to the extent of undisclosed assets/expenditure found during the search while not disputing the method of computation of income adopted by the assessing officer which was based on the sworn statement of the assessee revealed u/s 132(4) of the Income Tax Act, 1961?” 2.In the present case, the undisclosed income of Rs. 25,84,735/- determined in the block assessment was restricted to Rs. 13,50,000/- by the ITAT after taking into consideration the assests/investments/expenditure claimed to have incurred by the assessee. The Tribunal held that when the A.O. himself has accepted that the above amounts came out of the undisclosed income generated by the restaurant business of the assessee, the addition which can be made is only to the extent of such investments/expenditure. 3. In our opinion,the decision of the Tribunal is based on the finding of fact. No question o law arises from the order of the Tribunal. Hence the appeal is dismissed. No order as to costs. ( A.A. SAYED, J. ) (J.P. DEVADHAR, J.)