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2022 (7) TMI 398 - HC - Income TaxBlock assessment - computation of undisclosed income of block period under Section 158BB - Reliance on material gathered in the course of survey - HELD THAT:- Admittedly, in the present case, based on the materials collected during the course of inspection, the assessing officer made assessment for the block assessment period in question, by determining the undisclosed income which was reduced by the CIT(A). However, the Tribunal set aside the order of the CIT(A) and decided the case in favour of the assessee, by holding that the material gathered in the course of survey are to be treated as disclosed for the purpose of Income Tax Act and it cannot be sued for computation of undisclosed income of block period under section 158BB. This court is of the opinion that the finding so rendered by the Tribunal is erroneous and bad in law, in the light of the decision of the Hon'ble Supreme Court in S.Ajit Kumar case [2018 (5) TMI 266 - SUPREME COURT]. The substantial question of law raised herein is decided in favour of the appellant / Revenue and the order impugned herein is set aside. Consequently, the matter is remanded to the Tribunal for reconsideration, on merits and in accordance with law, after affording due opportunity of hearing to the respondent/assessee.
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