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TMI Blog2013 (1) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... 1998. The warrant of requisition was executed on 9.8.2001 when the money was paid by the police to the Income Tax department and notice u/s 158BC was issued to the assessee on 7.4.2003 in respect of block assessment for the period 1.4.1988 to 5.10.1998. The assessee filed return in Form 2B on 5.8.2003 and the block assessment was framed on 29.8.2003. It may, however, be noticed that prior thereto for the assessment year 1999- 2000, the assessee had filed return on 10.3.2000 in which the cash of Rs. 7 lacs was not disclosed but the same was disclosed by the assessee while filing the revised return on 5.6.2000. This return was processed u/s 143(1) on 31.3.2001. In the present facts and circumstances, the CIT(A) and the Tribunal held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount was requisitioned under Section 132A of the Act by the Director of Income Tax (Investigation) Ludhiana vide warrant of authorization issued on 5.10.1998. In compliance with the order dated 29.9.2000 passed by the Additional Sessions Judge, Ludhiana, the amount was handed over to the Income Tax Department on 9.8.2001. In response to the notice dated 7.4.2003 issued under Section 158BC of the Act requiring the assessee to file return of income for the block period 1.4.1988 to 5.10.1998, the assessee took the plea that the amount of Rs. 7 lacs had been disclosed in the return for the assessment year 1999-2000 and hence could not be the subject matter of assessment under Section 158BC of the Act. The assessee as per record, had file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same could not be termed as a return filed before the due date specified under Section 139(1) for the purposes of Section 158BB(1) (c) of the Act. According to the learned counsel, the Tribunal was thus in error in reducing Rs. 7 lacs while calculating undisclosed income of the assessee. 5. We are not impressed with the submission of the counsel for the revenue. 6. The issue that arises in this case is whether the income of Rs.7 lacs disclosed by the assessee in the revised return filed on 5.6.2000 could be added in the undisclosed income of the assessee. In other words, whether the assessee was entitled for benefit of the aforesaid Rs. 7 lacs in computing the undisclosed income. 7. It would be advantageous to reproduce relevant porti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o tax for any previous year falling in the block period; xx xx xx xx xx xx xx 8. Section 158BB (1) of the Act prescribes the methodology of computation of undisclosed income as defined under Section 158B (b) of the Act. Under Sub-section (1), the total income of each of the previous years which falls within the block period is to be computed on the basis of the evidence found as a result of the search or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer. It further provides for exclusion of certain incomes already assessed or admitted and inclusion of losses admitted or assessed from the aggregate total incomes. Thus, it is evident from the perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to demonstrate that the aforesaid view was not in accordance with law. 10. Adverting to judgment in M.R. Singhal's case (supra) on which reliance has been placed by learned counsel for the revenue, therein, the assessee had not paid the advance tax or the self assessment tax on the return filed under Section 139(4) of the Act. Under the circumstances, it was held that the same could not be treated to be return filed before the due date specified under Section 139(1) of the Act for the purposes of Section 158BB(1) (c) of the Act. It relates to sub clause (c) of Section 158BB of the Act which is not applicable here. Thus, no advantage can be derived by the appellant from the aforesaid judgment. 11. Accordingly, we do not find any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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