High Court Of Delhi
CIT vs. Modern Engineering Works
Section 158BA, Block period from 1st April, 1990 to 19th March, 2001
Madan B. Lokur & V.B. Gupta, JJ.
IT Appeal No. 739 of 2007
18th March, 2008
Counsel Appeared :
R.D. Jolly, for the Appellant : Ms. Poonam Ahuja, for the Respondent
JUDGMENT
By the court :
The Revenue is aggrieved by an order dt. 5th Dec., 2006 passed by the Tribunal, Delhi Bench “B” in IT(SS) No. 124/Del/2004 relevant for the block period from 1st April, 1990 to 19th March, 2001. According to learned counsel for the Revenue, a search was carried out in the premises of the assessee and several documents were recovered relating to loans totalling Rs. 43,86,325 which, according to the Revenue were not disclosed by the assessee.
The CIT(A) as well as the Tribunal have concurrently found that the loans were disclosed by the assessee not only in the audit reports and balance-sheets but were also mentioned in the regular returns of income for the asst. yrs. 1992-93 to 1997-98 with the assessee giving details of the names, addresses and amount of loan from each depositor. Under the circumstances, it can hardly be said that the loans were not disclosed.
We find no reason to differ with the concurrent finding of fact given by both the authorities. No substantial question of law arises.
Dismissed.
[Citation : 330 ITR 416]
