2004 (4) TMI 522

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....or the Respondent. ORDER Sri K.K. Gupta, A.M. - The revenue has filed this appeal raising the solitary issue that on the facts and circumstances of the case the learned CIT(A) erred in not treating the income of Rs. 2,86,650 for the assessment year 1998-99 in respect of return of income which was filed after the due date as undisclosed income within the meaning of section 158BB of the Income....

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....ction 158BC. 3. The learned CIT(A) deleted the same holding that the findings of the Assessing Officer regarding undisclosed income was not to be based on any material found in the search operation that he had taken the total income for the assessment year 1998-99 as undisclosed without any material being found during the search, the said income could not be considered undisclosed income for th....

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....gular assessment only. The scheme of assessment under Chapter XIVB is with respect to the undisclosed income discovered at the time of search and seizure operation which the Assessing Officer did not. In fact the undisclosed income sought to be taxed by the Assessing Officer under section 158BC(c) related to the assessment year 1998-99 which was part of the regular income of the assessee for which....

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....& IT(SS) A. No. 59 (Kol.)/2002 whose copies have been placed on record. He, therefore, submitted that the learned CIT(A) was fully justified in deleting the amount of Rs. 2,86,650 on the basis of interpreting the nature of income subject to it being undisclosed on the basis of search material. 6. We have heard the rival submissions and perused the materials available on record. On our careful p....