2012 (4) TMI 283

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....G M E N T   Ramachandran Nair, J.   Heard learned Senior Standing Counsel for the Revenue and Shri.Anil D.Nair, learned counsel for the respondent assessee.   2. The question raised is whether the Tribunal was justified in cancelling assessment of undisclosed income for the broken period for which, time for filing return was not over as on date of search. Learned Senior Standing ....

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....mitted advance tax on estimated income from business, which is the very same income assessed as undisclosed income for the block period up to the date of search. In our view, payment of advance tax on estimated income from business itself is admission of income, though estimation of income in regular assessment made by the Assessing Officer may not be in tune with the estimation of income made by ....