ACIT CENTRAL CIRCLE 1(1), CHENNAI vs. GHISULAI KOTHARI, CHENNAI

Appeal stands partly allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

deduction could be made that the ‘undisclosed income’ has to be necessarily represented by any money, bullion, jewellery or other valuable article or thing or any book entry or transactions found in the course of a search u/s 132 which has remained unrecorded or otherwise not disclosed to the specified revenue authorities. If the ‘undisclosed income’ is not represented