JUDGMENT

1. Following questions of law arise for consideration in this appeal under Section 260A of the Income Tax Act, 1961 by the Revenue:

1) Whether the Tribunal was correct in law in holding that the amount of Rs.42 crore was taken by the assessee as security and the same cannot be termed as undisclosed income and as such outside the purview of block assessment under Chapter XIV-B of Income Tax Act, 1961?

2) Whether the Tribunal was correct in law in confirming the order of CIT(A) and thereby deleting the addition of Rs.30 crore made by the. Assessing Officer on account of unexplained cash payment made by the assessee to Sh. S.K. Jatia to acquire land in village Tigra?

3) Whether the Tribunal was correct in law in confirming the order of CIT(A) in reducing the addition of Rs.45,08,971/- to Rs.6,35,525/, made by the Assessing Officer, on account of unaccounted cash recorded in seized cash slips ignoring the statement recorded during the proceedings which revealed that this cash was over and above the amount recorded in the books of accounts?

4) Whether the Tribunal was correct in law in confirming the order of. CIT(A) deleting the addition of Rs.92 lacs made by the Assessing O