HC set aside Tribunal order for failure to records that finding of AO was erroneous

PCIT Vs Rakesh Sarin (Madras High Court) Conclusion: Court under Section 260A would not interfere with the Tribunal’s finding of fact could not be applied to the facts of case because the Tribunal did not record any finding of fact that the finding of fact recorded by AO was erroneous and not borne out by records. Thus, the order passed by Tribunal for not calculating the undisclosed income was set aside Held: Assessee-individual was engaged in the business of financing. A search was conducted in the assessee’s premises and thereafter, the block assessment was completed under Secti...