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2015 (2) TMI 408 - HC - Income TaxBlock assessment - unexplained source of income from investment in construction, long term capital gains and the one from house property - Tribunal took the view that the appellant is entitled for the benefit of Section 158BB(c)(B) - Held that:- The assessee has shown the house property income for assessment year 1987-88 till date of survey on 10.10.1996 which are below taxable limit. While relying on the decisions of CIT Versus MM Thomas [2003 (3) TMI 37 - KERALA High Court ] we direct to exclude the income in a block assessment years which is below taxable limit, the rental income is on records of the Revenue. Since the effect of the decision (2001 (12) TMI 53 - KERALA High Court ) is nullified by amendment in introducing Section 158BB(1)(c)(B) to the Act. This observation should have led to a conclusion that the refusal on the part of the Assessing Officer to take into account the facts and figures mentioned with reference to the block period cannot be sustained in law and the order of assessment ought to have been set aside or at least modified. However, the appeal was dismissed as a whole. - Decided in favour of assessee.
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