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2003 (9) TMI 12 - HC - Income TaxComputation of undisclosed income of the block period - assessee submits that in view of the provisions of section 158BB the income should be computed in accordance with the provisions of this Act and the income exempted to that extent should not be taxed - Held that when some material was seized connecting the concealed income, the Income-tax Officer can compute the income on that basis but that should be computed and taxed in accordance with the provisions of the Act, 1961, therefore, the tax exemption limit has to be kept in mind and to that extent, income not chargeable to tax, tax should not be charged on that part of the income. - We agree with Mr. Jhanwar that concealed income should be computed in cases of search in accordance with the provisions of section 158BB and after computing the total concealed income; it should be taxed as per the rates specified for the concealed income, in each year.
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