https://www.taxtmi.com/caselaws?id=32226 The Supreme Court clarified the scope of Section 158BB(4) of the Income Tax Act, 1961, emphasizing that only brought forward losses and unabsorbed depreciation from past years are to be excluded when computing undisclosed income for a block period. The Court overturned the decisions of the High Court and the Settlement Commission, directing a fresh computation of undisclosed income under Section 158BB. The Civil Appeals were allowed with no order as to costs, providing clarity on the application of set off provisions within the block assessment framework. en-us Thu, 22 Jan 2009 00:00:00 +0530 Thu, 06 Aug 2009 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32226 The Supreme Court clarified the scope of Section 158BB(4) of the Income Tax Act, 1961, emphasizing that only brought forward losses and unabsorbed depreciation from past years are to be excluded when computing undisclosed income for a block period. The Court overturned the decisions of the High Court and the Settlement Commission, directing a fresh computation of undisclosed income under Section 158BB. The Civil Appeals were allowed with no order as to costs, providing clarity on the application of set off provisions within the block assessment framework. Case-Laws Income Tax Thu, 22 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32226