Case Law Details
A search and seizure action was carried out at the residence of Devdas A.Alva on 13.9. 2001.During the action,a loose paper file marked A-1was seized.Pages No 1-17 contained a copy of the catering contract entered into by Apporva caterers and Ooters Club and Page No. 26 to 28 were the bills raised by the assessee on M/s. Silver Line technologies Ltd. for Rs. 10.63 lacs.A simultaneous search was also carried out in the case of M/s. Lalit Refreshments. Statements of partners were recorded u/s.131 of the Act on 24.10.01 and 8.11.2001by the DDIT(Inv.).As per the AO,in the statements,the partners admitted undisclosed income of Rs.70.00 lacs approx. The assessee had filed return of income for AY 97-98 sand 98-99 prior to the date of search.However,it had not filed its return for AY.1999-00.The AO issued notice u/s. 158BD of the Act and directed the assessee to fiurnish block return within 16 days.It filed return on 23.8.2005 disclosing loss of Rs.9.84 lacs.The AO directed the assessee to furnish explanation regarding seized papers and to produce books of account with supporting evidences.After considering the submission of the assessee,the AO assessed the undisclosed income for the block period as under :
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