TMI Blog2006 (6) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 158B. If so read, the block period has to be reckoned so far as this case is concerned, as the period from April 1, 1985, to January 4, 1996, January 4, 1996, being the date of commencement of search. Under such circumstances we are inclined to answer the reference in favour of the Revenue. The Tribunal was not justified in holding that section 158BC read with section 158BD of the Income-tax Act, 1961, would not apply to the facts of this case. The order of the Tribunal is accordingly set aside and the order of the assessing authority is restored. The question of law is answered in the negative and in favour of the Revenue. - K. S. RADHAKRISHNAN and V. RAMKUMAR JJ. For the Assessee : C. Kochunny Nair. For the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osco Industries during the course of search and seizure proceedings. The assessee in response to the above notice filed a return of income for the block period declaring nil undisclosed income. The Assessing Officer accepted the contention of the assessee regarding valuation of the closing stock at cost price and revalued the value of closing stock at Rs. 68,040/-. The value of the closing stock as per the books of account was Rs. 40,881/-. The Assessing Officer therefore made an addition of Rs. 27,160/- being the value of unaccounted stock for the block period April 1, 1985, to January 4, 1996. Aggrieved by the order of the Assessing Officer the assessee took up the matter in appeal before the Tribunal. The Tribunal took the view that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn of income within the prescribed time limit under the provisions of the Act. This court pertaining to the very same search conducted on April 1, 1996, in the premises of Don Bosco Industries in CIT v. Deep Arts [2005] 274 ITR 571 held that even if no search is conducted at the premises of the assessee the Assessing Officer has jurisdiction to make assessment under section 158BC read with section 158BD on the basis of materials unearthed in a search conducted at another's premises. So far as this case is concerned the search was conducted in the premises of Don Bosco Industries of which the assessee is a sister concern, under section 132 of the Income-tax Act on January 4, 1996. The business premises of the assessee was also surv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 132 or any requisition was made under section 132A and also includes the period up to the date of the commencement of such search or date of such requisition in the previous year in which the said search was conducted or requisition was made : Provided that where the search is initiated or the requisition is made before the 1st day of June, 2001, the provisions of this clause shall have effect as if for the words 'six assessment years', the words 'ten assessment years' had been substituted ; (emphasis add) 5. The definition clause has used the expressions means and includes . Definition clause is therefore exhaustive. See Jagir Singh v. State of Bihar [1976] SCC (Tax) 204 ; AIR 1976 SC 997. The wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod. Undisclosed income is defined under clause (b) of section 158B, which reads as follows : (b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this Act, or any expense, deduction or allowance claimed under this Act which is found to be false. 7. Section 158BC deals with the procedure for block assessment and section 158BD deals with undisclos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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