( 1 ) IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1561 OF 2007 INCOME TAX APPEAL NO.1561 OF 2007 INCOME TAX APPEAL NO.1561 OF 2007 The Commissioner of Income Tax .. Appellant Vs. M/s.Ideal Road Builders Ltd. .. Respondent Mr.B.M.Chatterji alongwith Mr.P.S.Sahadevan for the Appellant. None for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & CORAM :- DR.S.RADHAKRISHNAN & CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. S.J.KATHAWALLA, JJ. S.J.KATHAWALLA, JJ. DATE : 22nd July, 2008 DATE : 22nd July, 2008 DATE : 22nd July, 2008 P.C. P.C. P.C. 1. Heard the learned Counsel for the Appellant. By this Appeal, Appellant is seeking to raise the following questions of law:- A. Whether in the facts and circumstances of the case and in law, the Hon’ble ITAT was justified in reversing the order of the AO and excluding the sum of Rs.41 lakhs attributable to the FDRs as such includable in the taxable income of the Assessee herein, for the said block period, as Undisclosed Income within the meaning of Sectiion 158B(b) of the Act, obverlooking the fact that the said amount were not recorded in the books of accounts of the previous year for which the due date of filing return had not expired as on the date of search i.e.on 15.1.1997. B. Whether in the facts and circumstances of the case and in law, the Hon’ble ITAT was justified in excluding the amount of Rs.41 lakhs attributable to the FDRs.in the name of the Assessee herein, merely on the basis that the said amount had been voluntarily offered for taxation in the regular return of the Assessment Year 1997-98. C. Whether in the facts and circumstances of the case and in law, the Hon’ble ITAT was jusfified in overlooking the significant fact that a part of the amount by way of advance tax was paid after the search was conducted and further overlooking the admitted position that the said FDRs were made out of suppressed receipts, either from the Toll Naka or from the Octroi Receipts as observed by the A.O. ( 2 ) based on the provisions of Section 158B(b) of the Act and judgments of various Courts, in inter alia adding the said amount as Undisclosed Income to the taxable income for the said block period. 2. Perused the judgment of the Tribunal dated 16.8.2004. Specially in paragraph No.15 of the judgment, the Tribunal has categorically observed as under:- "..... It is uncontroverted that the impugned FDRs were not out of any suppressed receipts from toll/octroi centers and were in the name of the assessee. ...." 3. In view of the above, no substantial question of law arises in this Appeal. Hence, Appeal stands dismissed. (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.) (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.) (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.)