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We shall take up appeal of the assessee for A.Y. 2005-06 as the standard one.

A.Y. 2005-06

3. Background facts of the case include that the assessee in an individual. Assessee is father of Shri Pritam Shah and Shri Devendra Shah. Both are Directors of the company Parag Milk and Milk Products Private Limited. There was search action u/s.132 of the Act in the Parag group of cases on 04-02-2011. Some of the group concerns were covered u/s.133A of the Act. Search resulted in seizure of incriminating material viz., loose papers, computer print outs, handwritten chits, computer data (in soft form) etc. pertaining to the assessee. Search also resulted in seizure of cash/jewellery. Assessment was made u/s.153C of the Act.

"1. The said issue of cash found during the course of search has been considered in the application before Settlement Commission filed by the Parag Milk Food Products Pvt. Ltd.,
2. The appellant submits that during the course of search action, cash of Rs.38,41,000/- was found at Mumbai and cash of Rs.16,28,929/- was found at Manchar. Out of the total cash found of Rs.54,69,929/- cash of Rs.15,00,000 was seized at Manchar and Rs.36,00,000 was seized at Mumbai, thus aggregate cash seized amounts to Rs.51,00,000/- (Refer Page No.3 of the Assessment order).