9911796707
TMI Blog2014 (5) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... question of law:- "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holdng that the case of the Assess (Respondent) was covered by clause (c) of sub-section (1) of Section 158BB of the Income Tax Act, 1961, and not under clause(ca) of sub-section (1) of Section 158 BB of the said act, and in setting-aside the order of the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961, and in upholding the reduction made by the Assessing Officer in respect of the income shown in the belated return for the assessment year in question from the block assessment in respect of the Assess (Respondent)?" The brief facts of the case are that on 09.04.2002, a search and seizure operation was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2, the assessee has paid advance tax of Rs. 5,71,000/- only. The balance tax of Rs. 10,12,827/- was not paid before filing the return. Therefore, the case of the assessee falls under the provision of Section 158BB(1)(ca) of the Act. He read out the said section which is reproduced as under :- "......(ca) where the due date for filing a return of income has expired, but no return of income has been filed, as nil, in cases not falling under clause (c);......" On specific enquiry made by the Bench, he admits that on the assessee's return for the assessment year 2002-03, an order was passed under Section 143(3)/147 of the Act, which was challenged before the appellate authority. Finally, the controversy pertaining to the return was settle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but no return of income has been filed,- (A) on the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search of requisition where such entries result in computation of loss for any previous year falling in the block period; or (B) on the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where such income does not exceed the maximum amount not chargeable to tax for any previous year falling in the block period;...." He also read out the paras (XIV) and (XV) of the written submission where it is stated that the Regular Assessment order U/S 143(3)/148 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the payment of the advance tax, the assessee is liable to pay the interest under Section 234(B) and 234(C). But fact remains that the assessee has filed the return for the assessment year 2002-03 beyond the time allowed under Section 139 of the Income Tax Act and was, therefore, nonest. In the notice as well as in the order passed by the C.I.T. under Section 263 of the Act, it was clearly mentioned that the A.O. did not properly examine the computer generated account for the assessment year 2002-03, which were generated from the C.P.U. seized during the course of the search and seizure operation on 4.9.2002 and do not include the undisclosed income reflected from the said accounts while completing the aforesaid block assessment order. Fur ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
