Concealed income found during search and Survey is to be distributed among all family members

We have heard the learned counsel for the parties and perused the impugned order dated 14th December,2005 passed by the High Court of Judicature at Madras. The High Court has dismissed the appeal filed under Section 260A of the Income Tax Act,1961 on the ground that no substantial question of law arises. Learned counsel appearing for the appellant submitted that the full value of the pronotes seized at the time of survey should have been taken into account and there was no question of taking only 30% of the face value as the amount representing is disclosed income. From the order of the first...