addition to the regular assessment already done or to be
done. The assessment for the block period can only be done on
the basis ... make a distinction
between the block assessment and the regular assessment. In
the case of regular assessment, the AO is free to examine the
veracity
termed as undisclosed income and as
such outside the purview of block assessment under Chapter
XIV-B of Income Tax Act, 1961 ?
2) Whether ... absolute minimum."
4. The Revenue‟s position in the ensuing block assessment proceedings
was that the 'Note' stated that the proposed arrangement
drawn in the
name of its Director Shri Naveen Gera. Block assessment was
completed in respect of Shri Naveen Gera under Section ... concerned with block assessment, whether, the expenses is
accounted for in the assessment year 1998-1999 or assessment
year 1999-2000 it does not make
block period from 01.04.1989 to 17.12.1999. The assessee filed the
block return on 27.08.2001. Thereafter several hearings took place and eventually
by block assessment order ... assessment order.
6. Before the CIT (Appeals), several objections to the block assessment order
appear to have been taken by the assessee, including the preliminary
grant of
approval by the CIT for completing the block assessment under Section 158BC.
ITA 896/2008 Page 2 of 15
However, the Tribunal found ... merit in the assessee's claim that the block assessment
was completed without regard to the rules of natural justice. It therefore set aside
block period.
Subsequently, after discussing the case with the Assessee no.1, the
A.O. framed the block assessment at an undisclosed income ... assessee is allowed.
8. In view of the fact that block assessment is vacated, the
appeal of the revenue does not survive and the same
rightly interpreted scope, power and
jurisdiction of the Assessing Officer in block assessment
proceedings and the term "undisclosed income?"
2. All the appeals ... therefore, added the
difference and brought them to tax in the block assessment
orders. These orders were carried in appeal to the ITAT being
Income Tax Appellate Tribunal is right in holding that the
block assessment order passed on 30th July, 2002 is not barred by
limitation as Section ... block return in Form No.2B declaring undisclosed income of ` nil. The return
was filed on 26.04.2002. After hearing the assessee, the block assessment under
more addition made by the Assessing Officer in the block assessment
order passed in the assessee‟s case is the amount ... respect of
the sale transaction. The amount was added in the block assessment as undisclosed
brokerage.
27. These two additions were challenged in appeal
opinion that fresh material of the kind warranting the
block assessment concluded had not been discovered. It, therefore, set aside
the block assessment completed ... fact that the
assessment was completed in respect of assessment years 1996-97 on
24.03.1999, i.e., before the block assessment was completed
