SRI.E.NOUSHAD,KOLLAM vs. THE DCIT, KOLLAM

In the result, the appeals filed by the assessee are allowed, and the stay petitions dismissed as infructuous

Bench: Shri Sanjay Arora & Shri Manomohan Das

house (at Rs.3.08 lakhs); (b) source of deposit in bank account with Federal Bank, Thodiyoor Branch (at Rs.3.30 lakhs);and (c) source of purchase of property admitted in net wealth (Rs.3.18 lakhs), made during the year, i.e., aggregating to Rs.9.56 lakhs. There is no reference, he pointed out, to material seized during search in the assessment order. Like-wise