2010 (8) TMI 325

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..... e available to the assessee for set-off of undisclosed income in subsequent year of the same block period". On the basis of the aforesaid findings, consequential directions have been issued by the learned Tribunal to the Assessing Officer to allow set off in favour of the assessee.   2. The facts that will be required to be noticed for the purpose of adjudication of the substantial questions of law framed in the present appeal may be briefly noticed hereunder.   3. A search and seizure operation was conducted in the business and residential premises of the assessee onMarch 13, 2003. Search and seizure operations were also conducted in the locker of Andhra Bank, A. T. Road  Branch, Guwahati onMarch 24, 2003which was in the j .....

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..... In so far as the claim of set off is concerned, the appellate authority took the view that "there cannot be set-off of one year's undisclosed income shown in the block return with any other other".   6. In respect of deletion of certain additions made by the Assessing Officer, the Revenue filed an appeal before the learned Tribunal. In so far as the finding with regard to set-off is concerned, the assessee filed crossobjection contending that for the assessment years 2001-02, 2002-03 and 2003-04, the undisclosed income or part thereof, as disclosed by the assessee, not being linked either with the undisclosed investment or unexplained expenditure under section 158B(b) of the Act, such amount should have been set off against the undisc .....

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..... sclosed investment or unexplained expenditure by the Assessing Officer. Therefore, according to the assessee, such amount(s) could not have been added to the undisclosed income by the Assessing Officer and the same were liable to be set off against the undisclosed income of subsequent years within the block period.   10. On the face of it, the contention of the assessee appears to be untenable. In the present case, undisclosed income of the assessee was found to be more than what had been voluntarily declared in the return filed by the assessee for the block period. Consequently, additions were made to the undisclosed income declared by the assessee in the return filed for the block period. If the undisclosed income determined by the .....

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