Judgment:
1. The present appeal is directed against the order of the Income-tax Appellate Tribunal dated September 8, 2004, vide which the appeal filed by the assessee was dismissed. Impugning the order of the Tribunal, the learned Counsel appearing for the appellant while relying upon the circular issued by the Central Board of Direct Taxes dated March 10, 2003, submits that the following question of law arises for consideration:
Whether the Income tax Appellate Tribunal is justified in law confirming the action of the Assessing Officer in making an addition of Rs. 35 lakhs merely relying on the statement recorded under Section 132(4) which was subsequently retracted?
2. After hearing the learned Counsel for the parties and after perusing the order of the Tribunal, we are of the considered view that no question of law much less substantial question of law arises for consideration of the court. The circular issued by the Central Board of Direct Taxes is primarily an advise given where it was advised that there should be focus and concentration on collection of evidence of income which leads to information on what has not been disclosed or is not likely to be disclosed before the Income-tax Department. This is primarily the matter of appreciation of facts and would depend on the facts and evidence on record in a given case.
3. In the present case, the Tribunal affirmed the finding of the Assessing Officer that the assessee had unaccounted income of Rs. 35 lakhs and the search and seizure operation conducted in the premises of the persons who are closely related to the assessee in the business revealed transaction reflecting the undisclosed income. No merit. Dismissed.