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of <h1>Court Affirms Tribunal Decisions, Refers Question 4. Clarity on Income-tax Act Block Assessments</h1> The court rejected the applications, affirming the Tribunal's decisions on various issues and referring only question No. 4 to this court for ... Reference, Income From Undisclosed Sources, Appeal To Appellate Tribunal, Powers Of Tribunal, Block Issues involved:The judgment involves questions related to block assessments, undisclosed income, deduction eligibility, depreciation claims, addition of interest, and interpretation of relevant provisions under the Income-tax Act, 1961.Block Assessments and Undisclosed Income:The Tribunal declined to refer questions regarding the justification of adjudicating issues on merits, services rendered by liaison agents, and expenditure claimed under the Act as undisclosed income. The court emphasized the independence of block assessments from regular assessments and the need for proper assessment of total income.Deduction Eligibility and Depreciation Claims:The Tribunal was justified in allowing deduction under sections 80-I or 80-IA based on total undisclosed income of the block period. It correctly accepted depreciation claims related to renovation expenses for business purposes, supported by previous assessment records and relevant evidence.Interest Addition and Interpretation of Provisions:The Tribunal's decision to delete the addition of interest on rent deposit was upheld, citing precedents and considering the facts presented. The court affirmed that material collected during search and seizure forming part of block assessment should not be considered in regular assessments under section 143.Conclusion:The court rejected the applications, affirming the Tribunal's decisions on various issues and referring only question No. 4 to this court for consideration. The judgment provides clarity on the treatment of undisclosed income, deduction eligibility, depreciation claims, and interest additions in the context of block assessments under the Income-tax Act, 1961.
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