2003 (9) TMI 42 - HC - Income Tax

The only question for consideration in this appeal is as to whether the undisclosed income of a particular block period if not taxable would be treated as an undisclosed income on non-filing of the return - It is an admitted position that with effect from July 1 1995 the amendment has been made in section 158BC of the Finance Act which clearly provides that if the income of the particular assessment year falling within the block period is not taxable the same shall not be treated to be undisclosed income. Thus question is answered in negative Revenue appeal dismissed

Summary

The High Court of Patna considered whether undisclosed income of a block period would be treated as such if not taxable. The court noted an amendment to the Finance Act stating that non-taxable income within a block period should not be treated as undisclosed. The court found no substantial question of law and dismissed the appeal. (Case citation: 2003 (9) TMI 42 - PATNA High Court)