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2013 (8) TMI 289 - HC - Income TaxIncome u/s 158BA - Block assessment - Addition on account of undisclosed income by way of FDs, Kisan Vikas Pathras - Tribunal deleted addition - Held that:- assessee had filed returns disclosing the said income along with the audit report. The Assessing Authority had passed the assessment order under section 143(3) of the Act for the assessment year 1999-2000 and in the said order he has not pointed them as receipts. Therefore, the last date for filing returns was not yet over. As he had an opportunity to file returns disclosing the said income, it cannot be said that it constitutes undisclosed income. In fact, in the assessment order, the Department has passed a protective assessment order including the said income - Tribunal was justified in granting relief to the assessee - Decided against Revenue. Income u/s 158BA - Block assessment - Deduction u/s 80L - Held that:- interest accrued on the said FDs cannot be held to be undisclosed income. If the principal amount is not considered as undisclosed income, the interest accrued thereon cannot be construed as undisclosed income and in the returns filed by the assessee, that income is also shown and tax is paid - benefit given to the assessee under section 80L of the Act was not challenged by the revenue before the Tribunal - Decided against Revenue. In the absence of any evidence to show that the brothers divided the income equally, as the assessee was in the complete financial management of all the assets, it was of the view that it is probable that entire agricultural income was kept in FD in his name as the ultimate beneficiaries of the same would be his brother and his son. In the light of evidence on record, it cannot be said that the said reasoning of the Tribunal is perverse and calls for interference.
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