TMI Blog2000 (11) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant has challenged the order of the Income-tax Appellate Tribunal, dated May 24, 1999, setting aside the order of the assessing authority on the ground that the assessment made by the assessing authority for the block period 1986-87 to 1995-96 up to August 31, 1995, under section 158BB to the extent that it rejects the return filed by the assessee under the proceedings for the different y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44 and 145 of the Income-tax Act, 1961. We are of the opinion that so far as the contention of learned counsel for the appellant that the Assessing Officer has necessary jurisdiction to resort to best judgment assessment in proceedings under section 158BB, the correctness of it cannot be doubted. However, under the scheme of the provisions for block assessment, it is apparent that it relates to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessing authority, and premise of such proceedings. If the returns filed by the assessee do not accord with the materials which are already in the possession of the authority, it can be estimated to the best judgment by the assessing authority on the basis of the material in his possession. However, the assessing authority is not conferred with power to make estimation of income de hors the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nviting invocation of sections 158BB and 158BC. The enquiry into the correctness of such returns with reference to material so found has nexus with the object of the special provisions, to adjudge whether the assessee is still honestly disclosing his income correctly after incriminating material has been found in the possession of the Revenue authority before such returns can be rejected and there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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