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2013 (11) TMI 580 - KERALA HIGH COURTValidity of block assessment u/s 158BC pursuant to search conducted u/s 132 of the Income Tax Act – Appellant is a firm running Bar attached Hotel and Restaurant. A search was conducted under Section 132 of the Income Tax Act at the business premises of the appellant on 12.12.1996. Thereafter, the assessment proceedings were initiated under Section 158BC of the Income Tax Act for the block period from 1.4.1986 to 12.12.1996. The assessment was completed for the said period as per order dated 26.08.1998 fixing the undisclosed income for the assessment years 1993-'94 to 1997- 98 as Rs.1,06,62,370/- - Held that:- The jurisdiction of the Assessing Officer to make block assessment for the undisclosed income cannot be found fault with. The assessments were made based on the materials seized during search and seizure - Entire matter had been fairly considered on the basis of evidence on record and the Tribunal has reconsidered the entire issue and confirmed the view expressed by the Assessing Officer – Decided against the Assessee.
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