TMI Blog2014 (11) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... e and it was not liable to be brought to tax as per section 158BB or not Held that:- The undisclosed income of the block period shall be the undisclosed income as defined u/s 158BA, BB and other documents and such other materials or information as are available with the AO and relatable to such evidence - the computation of undisclosed income of the block period is to be determined - The Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Road Carriers; (iii) Investments made in M/s Bullion Investments and Financial Services; and (iv) Cost of construction which was discovered during the course of search. 3. The Tribunal has held that, in all these cases the undisclosed income is not detected as a result of search. The block assessment proceedings require the income to be computed based on the evidence gathered as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edge of the denial of investment made by certain share holder in the case of M/s. Bellaire Apartment Ltd., and therefore the detention cannot be undisclosed income and consequently addition of ₹ 11,05,000/- was deleted? 5. The 'undisclosed income' is defined under Section 158B (b) of the Income Tax Act, 1961 (hereinafter for short referred to as the Act ) as under:- 158B. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 158BB. (1) The undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this Act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are set aside and the matter is remitted to the Tribunal for consideration in respect of the investments made in those four items taking into consideration the aforesaid provision of law. The Tribunal shall give such opportunity as sought for by the assessee including the cross-examination of the persons on whose evidence the assessing authority has passed the order. - - TaxTMI - TMITax - Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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