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2012 (8) TMI 159 - HC - Income TaxDisallowance of deductions u/s.80IB (10) from the income computed as undisclosed income u/s. 69A - no such claim of deduction u/s 80IB is made by the assessee in the return of income for the block period - Held that:- A fresh claim could be urged before the Appellate authorities even if the claim was not made in the return of income filed before the AO. As in this case, the search took place in 2002 therefore, the present case is governed by Chapter XIVB of the said Act - as Section 158BB of Chapter XIVB deals with computation of undisclosed income of the block period as amended by the Finance Act, 2002 with retrospective effect from 1/7/1995 the total income or loss has to be computed in accordance with the provisions of the said Act and the same would include Chapter VI-A of the said Act. Section 80IB of the said Act is a part of Chapter VIA of the Act. In view of the above, while computing the undisclosed income for the block period the respondent-assessee is entitled to claim deduction from its income under Section 80IB. Undisclosed income found in the form of cash was explained as having been acquired while carrying on business as a builder and this explanation was accepted by the AO, no question of application of section 68,69 and 69A, 69B and 69C - in favour of assessee.
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