TMI Blog2014 (7) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... against the respondents were reflected in the books of account referable to the concerned assessment years. That being the case, the very justification for making the block assessment and thereby the passing of assessment order becomes shaky. The Tribunal has taken a correct view in the matter and based its conclusions on the relevant precedents. Therefore, we do not find any basis to interfere wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -called information said to have been unearthed in the course of search was already reflected in the profit and loss account of the concerned assessment years and in that view of the matter, it cannot be said that there was any concealment or non-disclosure on their part and they wanted the proceedings to be dropped. The assessing authority, however, passed orders by including the items of undiscl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nner in which the assessment in such cases, must be made, is indicated in section 158BB, occurring in Chapter XIV-B of the Act. The prescribed procedure was followed by the Income-tax Officer and he added certain items after verifying the orders of assessment of the corresponding period. The orders passed by him disclose that the so-called undisclosed cash credits were noticed on a verification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in regular returns for the block assessment period, the exercise becomes untenable. In the instant case, the Tribunal recorded a categorical finding to the effect that all the items of cash credits alleged against the respondents were reflected in the books of account referable to the concerned assessment years. That being the case, the very justification for making the block assessment and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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