https://www.taxtmi.com/caselaws?id=62053 The Tribunal upheld the assessment treating salary income as undisclosed for the block period, stating that basic exemption does not apply to undisclosed income. The denial of basic exemption for the assessment year was affirmed, clarifying that it is not applicable for block period assessments. The Tribunal directed a lower tax rate of 20% on capital gains, contrary to the initial 60% rate imposed. The AO was instructed to verify tax payment for credit based on the income declared, resulting in partial allowance of the appeal. en-us Mon, 05 Apr 1999 00:00:00 +0530 Mon, 17 Jan 2011 18:30:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62053 The Tribunal upheld the assessment treating salary income as undisclosed for the block period, stating that basic exemption does not apply to undisclosed income. The denial of basic exemption for the assessment year was affirmed, clarifying that it is not applicable for block period assessments. The Tribunal directed a lower tax rate of 20% on capital gains, contrary to the initial 60% rate imposed. The AO was instructed to verify tax payment for credit based on the income declared, resulting in partial allowance of the appeal. Case-Laws Income Tax Mon, 05 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62053