https://www.taxtmi.com/caselaws?id=67997 Surcharge under section 113 was held inapplicable to block assessments where the search concluded before the 1 June 2002 amendment, as the change was treated as non-retrospective. In block assessment computations, disallowance under section 40A(3) was ruled impermissible because only income falling within the statutory definition of undisclosed income can be taxed; the set-off of excess stock against unaccounted profits was upheld as reasonable on the facts. Interest under section 220(2) was found not chargeable because no notice of demand under section 156 existed and no default under it was shown. en-us Mon, 29 Nov 2004 00:00:00 +0530 Wed, 16 Mar 2011 12:30:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67997 Surcharge under section 113 was held inapplicable to block assessments where the search concluded before the 1 June 2002 amendment, as the change was treated as non-retrospective. In block assessment computations, disallowance under section 40A(3) was ruled impermissible because only income falling within the statutory definition of undisclosed income can be taxed; the set-off of excess stock against unaccounted profits was upheld as reasonable on the facts. Interest under section 220(2) was found not chargeable because no notice of demand under section 156 existed and no default under it was shown. Case-Laws Income Tax Mon, 29 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67997