NARESH KOHLI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee has filed this appeal under s. 260A of the IT Act, 1961 (for short "the Act"), against the order of the 23/Asr/1997 relating to block asst. yrs. 1987 -88 to 1997 -98.

(2.) WHILE making the block assessment under s. 158BC(c) of the Act, the AO had made additions of Rs. 1,54,07,808 and Rs. 59,67,500 as unexplained investments on the basis of pp. 192, 193 and 194 of the documents seized by the

(3.) REPRESENTED the peak investment made in the liquor business. The Tribunal also got the peak amount in 21 undisclosed bank accounts calculated by counsel for the parties, which worked out to Rs. 52 lakhs. However, since the Tribunal had upheld the addition of the peak amount of Rs. 59,67,500 on account of investment in the liquor business, it held that no separate addition on account of peak amount in the bank accounts was required to be made as the same stood covered in the peak amount of Rs. 59,67,500 computed as unexplained investment in the liquor business.