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TMI Blog2013 (1) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal was admitted to consider the following substantial question of law:- "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee having filed the return under Section 139 was entitled to the benefit of section 158BB (1) (b) of the I.T. Act disregarding the fact that the return was filed sufficiently after action under Section 132A of the I.T. Act was invoked?" 3. Briefly, the facts as narrated in the appeal may be noticed. The assessee is an individual from whose possession a sum of Rs. 7 lacs was seized by the police at Doraha Naka on 15.9.1998. The amount was requisitioned under Section 132A of the Act by the Director of Income Tax (Investigation) Ludhiana vide w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come. The revenue went in appeal against the order passed by the CIT(A). Vide order dated 18.7.2006, Annexure A.3, the Tribunal dismissed the appeal holding that the assessee having filed the return under Section 139 of the Act was entitled to the reduction of Rs. 7 lacs from the undisclosed income. Hence this appeal by the revenue. 4. Learned counsel for the revenue relying upon judgment of this Court in M.R.Singhal v. Assistant Commissioner of Income Tax, (2007) 290 ITR 162 submitted that where no advance tax or self-assessment tax had been paid by the assessee and return was filed under Section 139(4) of the Act, the same could not be termed as a return filed before the due date specified under Section 139(1) for the purposes of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturns; c) Where the due date for filing a return of income has expired but no return of income has been filed - (A) On the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where such entries result in computation of loss for any previous year falling in the block period; or (B) On the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where such income does not exceed the maximum amount not chargeable to tax for any previous year falling in the block period; xx xx xx xx xx xx xx" 8. Section 158BB (1) of the Act prescribes the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iced 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 under Section 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 of the Act was admissible to the assessee while computing his undisclosed income. The learned counsel for the revenue was unable to demonstrate that the aforesaid view was not in accordance with law. 10. Adverting to judgment in M.R. Singhal's case (supra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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