Current year income can’t be disturbed on account of difference in opening balance

Brief about the case The assessee is an individual engaged in the business of trading in scrap. For the assessment year under consideration, the appellant filed original return of income on 04-12-2001 admitting total income of Rs. 82,200/-. The said return of income was processed u/s. 143(1) of the Act. A Search and seizure operations was also conducted in the appellant’s premises on 07-11-2007. Subsequently, notice u/s. 148 was issued on 27-03-2008 in response to which the appellant filed return of income on 01-09-2009 admitting income of Rs. 91,720/-. As against the said return of inco...