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2011 (7) TMI 669 - HC - Income TaxBlock assessment-Deletion of the admitted undisclosed income of the assessee- admissions contradictaed by legal representatives- Held that:- In view of the admissions made, the same become binding. It also binds the legal representatives. Even though the admissions are sought to be retracted not by the person who made it but, by the legal representatives, it would still amount to an admission and would bind the legal representatives. A retraction can be made only on an error of law and not on facts. Also, legal representatives cannot retract admissions made by themselves. Further, undisclosed income should be computed on the basis of material record found during the course of search. It has also been held that where a return has been filed, the same income cannot be considered as an undisclosed income in the block assessment. Decided partly in favor of assessee.
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