https://www.taxtmi.com/caselaws?id=262700 Income detected in a search under section 132 of the Income-tax Act, 1961 remained outside the voluntary disclosure scheme under section 64 of the Finance Act, 1997 where the statute excluded search-related income, so it could not be taken out of block assessment under Chapter XIV-B. The Commissioner's acceptance of disclosure did not override that statutory bar, and the Tribunal was wrong to exclude the searched income from block assessment. At the same time, because the scheme and search-assessment process had created genuine confusion, the assessees were protected from penalty, interest and prosecution if the differential tax was paid within the prescribed period. The Tribunal's common order was set aside and the block assessment orders restored, subject to that limited immunity. en-us Wed, 24 Dec 2014 00:00:00 +0530 Tue, 18 Aug 2015 06:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262700 Income detected in a search under section 132 of the Income-tax Act, 1961 remained outside the voluntary disclosure scheme under section 64 of the Finance Act, 1997 where the statute excluded search-related income, so it could not be taken out of block assessment under Chapter XIV-B. The Commissioner's acceptance of disclosure did not override that statutory bar, and the Tribunal was wrong to exclude the searched income from block assessment. At the same time, because the scheme and search-assessment process had created genuine confusion, the assessees were protected from penalty, interest and prosecution if the differential tax was paid within the prescribed period. The Tribunal's common order was set aside and the block assessment orders restored, subject to that limited immunity. Case-Laws Income Tax Wed, 24 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262700