https://www.taxtmi.com/caselaws?id=10926 In block assessment under s.158BB (as retrospectively amended by Finance Act, 2002 w.e.f. 01.07.1995), undisclosed income is limited to the portion of the block period for which tax liability is determined on the basis of entries in the books or material found in search; years within the block period that do not attract tax liability on the foundation of the books cannot be treated wholly as undisclosed income. The assessee was accordingly held entitled to exclusion of such periods from undisclosed income. On disallowance under s.40A(3), where the AO determined income by applying a net profit rate on turnover, individual cash payments below the permissible limit cannot again be disallowed under s.40A(3); the Tribunal's view was upheld and the issue was decided for the assessee and against the Revenue. en-us Mon, 10 Mar 2003 00:00:00 +0530 Fri, 26 Dec 2025 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10926 In block assessment under s.158BB (as retrospectively amended by Finance Act, 2002 w.e.f. 01.07.1995), undisclosed income is limited to the portion of the block period for which tax liability is determined on the basis of entries in the books or material found in search; years within the block period that do not attract tax liability on the foundation of the books cannot be treated wholly as undisclosed income. The assessee was accordingly held entitled to exclusion of such periods from undisclosed income. On disallowance under s.40A(3), where the AO determined income by applying a net profit rate on turnover, individual cash payments below the permissible limit cannot again be disallowed under s.40A(3); the Tribunal's view was upheld and the issue was decided for the assessee and against the Revenue. Case-Laws Income Tax Mon, 10 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10926