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TMI Blog2010 (1) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... 12, 2004. After giving credit for tax deducted at source, advance tax and self assessment tax the Assessing officer treated the balance as undisclosed income. The Commissioner (Appeals) held that the amount could not be treated as undisclosed income and this was upheld by the Tribunal. Held that- amount shown in the return could not be treated as undisclosed income for the purpose of block assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computed the income as undisclosed income?" 3. The respondent, M/s. Kerala Roadways, is the assessee on the file of the Revenue. A search under section 132 of the Income-tax Act, 1961 was conducted in the business premises and it was noticed that the total undisclosed income admitted in the block return included a total loss of Rs. 2,42,71,600 and the same was set off against undisclosed income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment order dated December 31, 2007, assessed the total income to the tune of Rs. 4,11,61,772. 4. That order was taken on appeal before the Commissioner of Income-tax (Appeals) -II, Chennai, and the same was allowed on the ground that when the amounts, though were given credit at the time of search, were already disclosed, they cannot be treated as undisclosed income. Accordingly, by his order da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax (Appeals) and the Appellate Tribunal had placed reliance on the judgment of this court in Asst. CIT v. A. R. Enterprises [2005] 274 ITR 110 holding that the income disclosed on account of payment of advance tax cannot be held to be undisclosed income for the purpose of block assessment. This position of law is not in dispute. 9. Though the learned counsel for the Revenue has made an at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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