In the course of search several incriminating materials including books of account of the assessee-firm were found. On the basis of evidence the addition was made as undisclosed income. The Tribunal confirmed the addition. On appeal high Court affirmed the addition. (BP 1-4-1987 to 17-3-1997)
Pyramid Films International v. Dy.CIT (2022) 441 ITR 387 (Mad.)(HC)
S. 158BD : Block assessment-Undisclosed income of any other person-Incriminating material is found-Amount received much before release of film-Addition of amount waived as undisclosed income-Held to be proper. [S. 132, 158BC]