9911796707
TMI Blog2010 (8) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... block assessment in lieu of search and seizure - Held that: - income disclosed while filling a regular return seems to be correct and proper appreciation of law - question is answered against the revenue - Appeal is dismissed - 219 of 2006 - - - Dated:- 2-8-2010 - Devi Prasad Singh, Anil Kumar,JJ. 1. Case called out. Heard Sri D.D. Chopra, learned counsel for the appellant. None appeared f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act was issued and in compliance thereto Assessee filed return for the block period from 1st April, 1987 to 8th May, 1997. The assessment was completed under Section 158 BC of the Act. Being aggrieved Assessee filed an appeal before the Appellate Authority. 4. The CIT appeal, inter-alia, confirmed some of the additions made by Assessing Officer and with regard to other set aside. The CIT a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while resorting to block assessment. The assessee has disclosed the facts of the loan to the tune of Rs. 60,000/- in regular return filed much before the date of search. Accordingly, the Tribunal held that action of the Assessing Officer to treat the same as undisclosed income of the assessee prior to search and seizure was not lawful. Whatever has been found by the revenue during block assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck period which provides that it shall be aggregated of the total income of the previous years falling within the block period computed, in accordance with the Act on the basis of evidence found as a result of search and seizure or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer relating to such evidence. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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