https://www.taxtmi.com/caselaws?id=210963 The retrospective amendment to the Explanation to Section 158BB requires undisclosed income for block assessment to be computed by taking the total income or loss of each previous year in accordance with the Act as a whole, subject only to the express exclusions for brought forward losses under Chapter VI and unabsorbed depreciation under Section 32(2). Losses within the block period cannot be ignored merely because the return was belated or not filed, unless the statute specifically bars their adjustment. Where the factual treatment of returns and losses still requires verification, the proper course is remand for fresh assessment under the amended framework. en-us Wed, 14 Sep 2011 00:00:00 +0530 Tue, 28 Feb 2012 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210963 The retrospective amendment to the Explanation to Section 158BB requires undisclosed income for block assessment to be computed by taking the total income or loss of each previous year in accordance with the Act as a whole, subject only to the express exclusions for brought forward losses under Chapter VI and unabsorbed depreciation under Section 32(2). Losses within the block period cannot be ignored merely because the return was belated or not filed, unless the statute specifically bars their adjustment. Where the factual treatment of returns and losses still requires verification, the proper course is remand for fresh assessment under the amended framework. Case-Laws Income Tax Wed, 14 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210963