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2013 (1) TMI 543 - PUNJAB AND HARYANA HIGH COURTEntitlement to benefit of section 158BB (1) (b) - assessee having filed the return under Section 139 sufficiently after action u/s 132A was invoked - Held that:- As evident from the perusal of sub clause (b) of Sub-section (1) of Section 158BB, that the AO is required to reduce the income disclosed in the return filed by the assessee under Section 139 or Section 147 but the assessments had not been finalised till the date of search or the requisition while computing the income for the block period. In the present case, the cash was seized by the police on 15.9.1998 and action u/s 132A was initiated on 5.10.1998. The warrant of requisition was executed on 9.8.2001 when the money was paid by the police to the Income Tax department and notice u/s 158BC was issued to the assessee on 7.4.2003 in respect of block assessment for the period 1.4.1988 to 5.10.1998. The assessee filed return in Form 2B on 5.8.2003 and the block assessment was framed on 29.8.2003. It may, however, be noticed that prior thereto for the assessment year 1999- 2000, the assessee had filed return on 10.3.2000 in which the cash of Rs. 7 lacs was not disclosed but the same was disclosed by the assessee while filing the revised return on 5.6.2000. This return was processed u/s 143(1) on 31.3.2001. In the present facts and circumstances, the CIT(A) and the Tribunal held that the benefit of the amount of Rs. 7 lacs which was disclosed in the return filed by the assessee under Section 139 was admissible to the assessee while computing his undisclosed income & the revenue was unable to demonstrate that the aforesaid view was not in accordance with law - in favour of the assessee.
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