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2007 (11) TMI 301 - HC - Income TaxBlock Assessment – Undisclosed income – income below taxable return – return not filed – held that - where it does not exceed maximum amount not chargeable to tax for any previous year falling within the block period that income is required to be reduced from out of the aggregate income of the block period arrived at in accordance with the provisions of section 158BB and it cannot be said to be the undisclosed income even if no return is filed within the time prescribed under section 139 as obviously the assessee was not under the obligation to file any return.
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