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2011 (7) TMI 318 - HC - Income TaxBlock assessment - Undisclosed income - The assessees are partners in various firms - They have advanced loans to the said firms - The said firms have paid remuneration to them - The said firms have paid interest on the loan borrowed by the firms - Insofar as the interest payment is concerned, they have deducted the Tax Payable at Source for the amounts paid by these firms - All these payments are reflected in the books of account - Admittedly all the firms have filed returns before the due date and before the search - Therefore, the entire remuneration received by these assessees is reflected in the accounts of books of the firms and TDS is deducted - Therefore, the Tribunal in the facts of these cases was justified in holding that the remuneration received from the partnership firm, interest income derived from the partnership cannot be construed as undisclosed income and does not fall within the block assessment proceedings as contended by the authorities - The said income has to be excluded from the block assessment proceedings - Decided in favour of assessee.
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