https://www.taxtmi.com/caselaws?id=247777 In block assessment, income disclosed in returns filed before search cannot be treated as undisclosed income merely because the returns were filed after the due date under section 139; such income must be linked to search material to fall within Chapter XIV-B, and the issue was remanded for reconsideration. Agricultural income supported by the record was accepted as disclosed income. Exemption under sections 54 and 54F was held unavailable on transfer of undivided property interests where the statutory ownership conditions were not met. Valuation of closing stock of litigation-affected land required fresh factual examination. An unexplained credit in the name of G. Anand was treated as undisclosed income, while the NSC investment was sustained as explained. 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 In block assessment, income disclosed in returns filed before search cannot be treated as undisclosed income merely because the returns were filed after the due date under section 139; such income must be linked to search material to fall within Chapter XIV-B, and the issue was remanded for reconsideration. Agricultural income supported by the record was accepted as disclosed income. Exemption under sections 54 and 54F was held unavailable on transfer of undivided property interests where the statutory ownership conditions were not met. Valuation of closing stock of litigation-affected land required fresh factual examination. An unexplained credit in the name of G. Anand was treated as undisclosed income, while the NSC investment was sustained as explained. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247777