https://www.taxtmi.com/caselaws?id=251054 In block assessment proceedings, a belated factual challenge to service of notice under section 143(2) was not admitted where it had not been raised at the assessment stage or before the first appellate authority. Undisclosed income had to be computed in accordance with the Act, so income below the taxable limit and up to the basic exemption threshold could be excluded. TDS alone did not amount to disclosure where no return or advance tax was filed. Profits and bank deposits linked to family members could not be assessed in the assessee's hands without evidence that they were benami holders. Reasonable deduction was allowed for brokerage, commission and related land-transaction expenses. en-us Fri, 08 Aug 2014 00:00:00 +0530 Wed, 03 Sep 2014 07:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251054 In block assessment proceedings, a belated factual challenge to service of notice under section 143(2) was not admitted where it had not been raised at the assessment stage or before the first appellate authority. Undisclosed income had to be computed in accordance with the Act, so income below the taxable limit and up to the basic exemption threshold could be excluded. TDS alone did not amount to disclosure where no return or advance tax was filed. Profits and bank deposits linked to family members could not be assessed in the assessee's hands without evidence that they were benami holders. Reasonable deduction was allowed for brokerage, commission and related land-transaction expenses. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251054