https://www.taxtmi.com/caselaws?id=64831 Chapter XIV-B block assessment could not be used to tax share capital already disclosed in the assessee's books and regular returns before the search. The Tribunal applied the principle that block assessment is not a substitute for regular assessment, so an addition treating such disclosed capital as undisclosed income was unsustainable. If the Assessing Officer considered the regular assessments incomplete or erroneous, the proper course was reassessment under the applicable provisions. The addition was deleted, and the remaining grounds became academic or consequential. en-us Fri, 29 Aug 2003 00:00:00 +0530 Fri, 13 Jan 2017 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64831 Chapter XIV-B block assessment could not be used to tax share capital already disclosed in the assessee's books and regular returns before the search. The Tribunal applied the principle that block assessment is not a substitute for regular assessment, so an addition treating such disclosed capital as undisclosed income was unsustainable. If the Assessing Officer considered the regular assessments incomplete or erroneous, the proper course was reassessment under the applicable provisions. The addition was deleted, and the remaining grounds became academic or consequential. Case-Laws Income Tax Fri, 29 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64831