https://www.taxtmi.com/caselaws?id=14528 HC held that the impugned loan, duly recorded in the assessee's regular books of account found during search, could not be treated as "undisclosed income" liable to block assessment under section 158BA of the Income-tax Act, 1961. Distinguishing between disclosed income, income with disputed deductions, and undisclosed income, HC ruled that only the third category falls within block assessment; the genuineness of a disclosed loan must be examined, if at all, in regular assessment under section 143(3). As the loan creditor was a registered assessee and the advance had been accepted in its assessment, the Assessing Officer and Tribunal erred. The appeal was allowed and the block addition deleted. en-us Mon, 19 Feb 2001 00:00:00 +0530 Sat, 06 Dec 2025 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14528 HC held that the impugned loan, duly recorded in the assessee's regular books of account found during search, could not be treated as "undisclosed income" liable to block assessment under section 158BA of the Income-tax Act, 1961. Distinguishing between disclosed income, income with disputed deductions, and undisclosed income, HC ruled that only the third category falls within block assessment; the genuineness of a disclosed loan must be examined, if at all, in regular assessment under section 143(3). As the loan creditor was a registered assessee and the advance had been accepted in its assessment, the Assessing Officer and Tribunal erred. The appeal was allowed and the block addition deleted. Case-Laws Income Tax Mon, 19 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14528