Dismissing the appeal the Tribunal held that the assessee has not given proper explanation as regards the incriminating documents found in the course of search hence the addition is justified. Tribunal also held that limitation starts only from date of third panchnama hence the assessment order is not barred by limitation. (BP. 1-4-1998 to 23-3-1999)
Abhishek Verma v. Dy. CIT (2021) 86 ITR 460 (Delhi)(Trib.)
S. 158BC : Block assessment-Undisclosed income-Incriminating material was found-Explanation was not satisfactory-Addition was held to be justified-Limitation-Panchnama-Limitation starts only from date of third panchnama-Not barred by limitation. [S. 158BE]