TMI Blog2014 (11) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... 01792 - Later on the assessee filed a revised return showing income of ₹ 14,64,657/- on 16.01.1996 including capital gain taking the sale price of land at ₹ 1821101 – The Tribunal was rightly of the view that the Block period for the purpose of assessment has been taken as the period ending 5-1-1996 which is the date of search in the case of Shri B.B. Solanki (father of the assessee) and the assessee. The seized paper did contain reference to plots of land belonging to the assessee in relation to which cheque payments were received by the assessee and accounted for in his return filed in the normal course of business, but there were also other notations on the seized paper which points to the transfer/payment of ₹ 45 la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation filed by the assessee under section 254(2) of the Income tax Act,1961 and holding that amount of ₹ 13,62,865/- was not undisclosed income and further directing the assessing officer to assess the said amount while framing regular assessment for the assessment year 1995-96? (2) Whether inclusion of proposed amount of ₹ 13,62,875/- as undisclosed income for the block period is barred by Explanation (b) below sub-section (2) of Section 158BA read with section 139 (5) of the Act ? 2. The facts leading to the present tax appeal in a nutshell are set out as under: 2.1 A search u/s 132 was carried out and during the search it was found that plots of the assessee were sold to various parties for ₹ 56,24,342/- of w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and circumstances of the case. 3.1 Mr. Mehta has relied upon the decision of this Court in the case of N.R. Paper Board Ltd. vs. Deputy Commissioner of Income-tax reported in [1998] 234 ITR 733 wherein it is held that there is no overlapping in nature of assessment made under Chapter XIV-B of undisclosed income and regular assessment made under section 143(3) and these provisions operate entirely for different purposes, one of assessing undisclosed income of block period while other for assessing total income or loss of previous year in regular assessment. 3.2 Mr. Mehta submitted that the Appellate Tribunal has erred in law and on facts in entertaining and allowing application filed by the assessee under section 254(2) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ior to the date of receipt of notice. 6. The Tribunal has observed in para 8 of the impugned order as under: 8. ... However a perusal of assessment order passed indicates that the Block period for the purpose of assessment has been taken as the period ending 5-1-1996 which is the date of search in the case of Shri B.B. Solanki (father of the assessee) and the assessee and the contention of the learned representative of the assessee is that since nothing incriminating during that search relating to the assessee was found, the proceedings u/s 158BD could not be taken against the assessee. However the fact remains that the seized paper did contain reference to plots of land belonging to the assessee in relation to which c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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