2013 (11) TMI 1056

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....x at Manjeri. There was a search of the premises of the appellant on 01.02.1996. The firm had filed its returns of income for the assessment years 1993-94 to 1995-96. The appellant-assessee sought for settling the tax pertaining to the block period before the Settlement Commission, that is, block period ending with 01.02.1996. The Settlement Commission, while considering income of the house property and the capital gains on sale of Century Complex at Manjeri, has taken into account the sale price apart from brokerage as well as index cost of land appearing in the document. Ultimately the long term capital gains was arrived at Rs. 22,54,446/-. The applicant had sought reduction of losses under two categories under the head of house property.....

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....arch, that is, determination of undisclosed income. In other words, according to him, as long as it forms part of the undisclosed income for the block period, he is entitled to claim such losses brought forward. He places reliance on the reported decision of the Apex Court in E.K.Lingamurthy and another v. Settlement Commissioner (IT and WT) and another (SC) (2009) 314 ITR 305(SC). The relevant portion of the judgment is as under:- "7. In this case, we are concerned with the computation of "undisclosed income" under section 158BB of the Act. Section 158BB, inter alia, states that undisclosed income of the block period shall be "the aggregate of the total income of the previous years falling within the block period" computed in accordance....