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2004 (7) TMI 80 - HC - Income TaxSearch and seizure – block assessment – section 158BB was amended with effect from July 1, 1995 - held that since the search under section 132 of the Income-tax Act, 1961, was conducted on November 22, 1995, that is after the retrospective amendment of sub-clause (B) of clause (c) of sub-section (1) of section 158BB, the income below the taxable limit of a previous year could not be included as undisclosed income of the block period – In respect of addition made in the assessment in respect of income from 'pachai business', Assessing Officer had confused himself in pointing out the purchase figure and consumption figure as was rightly found by the learned Tribunal. - Held that the income for block assessment under search and seizure procedure is to be computed strictly on the basis of the documents seized; and it cannot proceed on conjectures and/or surmises and arrive at an estimation instead of computation – Held that word "computation" connotes a different meaning than “estimation or appraisal” – Revenue appeal dismissed
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