YATINDRA SINGH,J. - (1.) ALTHOUGH , this appeal was admitted on the proposed five substantial questions of law but the main question involved in this appeal is, "Whether the assessment order, passed on 29th Feb., 1988 for the asst. yr. 1987-88 under S. 143(1)(a) of the IT Act, 1961 (the Act), is a regular assessment within the meaning of S. 215 r/w S. 217 of the Act or not ?"
(2.) SRI D.S. Batra (the assessee) filed his return on 31st July, 1987 on the income of Rs. 54,560. An assessment order was passed on 29th Feb., 1988 under S. 143(1)(a) of the Act. There was a survey of M/s Rajendra Tube Ltd. belonging to M/s Rajendra Pipe and Leasing Group under s. 133A of the Act. The assessee was the managing director/financial surveyor there.
(3.) DURING the survey, the assessee surrendered a sum of Rs. 30 lakhs, which was excess stock in the hands of the aforesaid concern, as his undisclosed income on 30th March, 1990.;