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2013 (1) TMI 154 - HC - Income TaxDeductions under Chapter IV and VI-A of the Income tax Act, 1961 claimed in regular assessment allowed while computing the undisclosed income under section 158BB(1) - Held that:- As earlier total income or loss was computed in accordance with Chapter IV, however the word 'Chapter IV' was substituted by the word 'the Act' by Finance Act, 2002 with effect from 1st July, 1995 and, therefore, while computing the undisclosed income or loss deduction under Chapter VI-A is admissible. The Tribunal had rightly held that the deduction under Chapter VI-A has to be given while computing total income or loss. Goodwill received on retirement added as undisclosed income - Tribunal deleted the addition - whether Tribunal justified in holding that the income which was duly disclosed in original assessment could not form part of undisclosed income as defined in Section 158 B (b) - Held that:- Sum of Rs. 1,50,500/- received on assessee's retirement was disclosed in the regular return filed for the assessment year 1993-94 which has been taken into consideration while passing regular assessment order under section 143(3) therefore, the said amount cannot be included under sub-clause (b) of section 158B - The order of the Tribunal does not suffer from any legal infirmity.
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