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2013 (11) TMI 18 - HC - Income TaxAddition of undisclosed income of the block period u/s 158BB of the Income Tax Act – Search was conducted on the premises of the Assessee - Added Rs. 30,000 as opening cash in hand on April 1, 1985, as undisclosed income for the assessment year 1986-87 on the ground that the assessee was not maintaining personal books of account – Held that:- Balance-sheet is a statement of affairs showing the assets and liabilities of the assessee as on a particular date ; it also incorporates opening balance of various assets and liabilities brought forward from earlier years along with net increase/decrease in each of the assets and liabilities during the year ; if the closing balance or cash in hand is disclosed income, the opening balance cannot be regarded to be undisclosed income – Reliance has been placed on the judgment in the case of CIT v. Shamlal Balram Gurbani [2000 (2) TMI 37 - BOMBAY High Court] – Decided against the Revenue. Non-filing of the return on the ground that the total income of the assessee remains below the taxable limit after allowing the deduction available under the law be the ground to hold the income to be undisclosed one – Held that:- Respondent-assessee was filing his return and return of the partnership firm, of which he is a partner, regularly and the learned Assessing Officer has assessed the income of the partnership firm as well as of the assessee and has not doubted any entry therein, therefore, non-filing of the return for the assessment year 1995-96 on the ground that after allowing the deduction under the Act income remains below the taxable limit cannot be treated as undisclosed income for the block period – Reliance has been placed on the judgments in the cases of CIT v. Vimla Khatri [2006 (1) TMI 117 - MADHYA PRADESH High Court] – Decided against the Revenue.
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