https://www.taxtmi.com/caselaws?id=247777 The court held that income disclosed in returns filed after the due date under Section 139(1) of the Income Tax Act cannot be treated as undisclosed income for the block period. Agricultural income declared by the assessee was accepted, deductions under Sections 54 and 54F were denied, valuation of closing stock of immovable properties involved in litigation was remanded for fresh examination, amounts credited to a specific account were treated as undisclosed income, and an undisclosed investment in NSC was accepted. The court provided specific directions for reconsideration on some issues and upheld the Tribunal's decisions on others, emphasizing the importance of assessing only income unearthed during the search as undisclosed income. en-us Fri, 07 Mar 2014 00:00:00 +0530 Thu, 22 May 2014 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247777 The court held that income disclosed in returns filed after the due date under Section 139(1) of the Income Tax Act cannot be treated as undisclosed income for the block period. Agricultural income declared by the assessee was accepted, deductions under Sections 54 and 54F were denied, valuation of closing stock of immovable properties involved in litigation was remanded for fresh examination, amounts credited to a specific account were treated as undisclosed income, and an undisclosed investment in NSC was accepted. The court provided specific directions for reconsideration on some issues and upheld the Tribunal's decisions on others, emphasizing the importance of assessing only income unearthed during the search as undisclosed income. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247777