9911796707
TMI Blog2015 (1) TMI 927X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether on the facts and in circumstances of the case, the Income Tax Appellate Tribunal is right in coming to the conclusion that surcharge could not be levied, as, on the date of search, such provision for levy of surcharge was not there on the Statute? 2. Notice u/s 158BC of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') was issued upon the assessee pursuant to search and seizure and he was directed to file return for the block period 1990-91 to 1999-2000 being the block assessment years. The assessee filed his return of income and during the course of assessment proceedings, the assessing officer charged surcharge at the rate of 10% under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. In subsequent years, the rates at which the surcharge is levied on the aforesaid entities are of varying nature. A tabulated form showing surcharge in respect of different category of assessees in different assessment years, levied under each Finance Act, shall be reproduced at the relevant stage. ... (a) The first and foremost poser is as to whether it was possible to make the block assessment with the addition of levy of surcharge, in the absence of proviso to Section 113? In Suresh N. Gupta itself, it was acknowledged and admitted that the position prior to the amendment of Section 113 of the Act whereby the proviso was added, whether surcharge was payable in respect of block assessment or not, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a specified date, it was not possible to levy surcharge and there could not have been an assessment without a particular rate of surcharge. As stated above, in Suresh N. Gupta itself, the Court has pointed out four different dates which were bothering the assessees as well as the Department. The choice of a particular date would have material bearing on the payment of surcharge. Not only the surcharge is different for different years, it varies according to the category of assessees and for some years, there is no surcharge at all.... ... (f) Finance Act, 2003, again makes the position clear that surcharge in respect of block assessment of undisclosed income was made prospective. Such a stipulation is contained in second ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id discursive of ours also makes it obvious that the conclusion of the Division Bench in Suresh N. Gupta treating the proviso as clarificatory and giving it retrospective effect is not a correct conclusion. Said judgment is accordingly overruled." 5. Mr. Sudhir Mehta, learned advocate on behalf of the revenue is not in a position to dispute the above and is not in a position to show and/or point out any contrary decision. 6. Having heard learned advocate appearing on behalf of the revenue and the question posed for consideration before us reproduced hereinabove and considering the decision of the Hon'ble Supreme Court in the case of Vatika Township (Supra), the question which is raised in the present appeal is required to be answered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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