2014 (9) TMI 786

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....cedure under Chapter XIV-B of the Income Tax Act, 1961 (for short the Act), was invoked. The block assessment covering the assessment years 1985-86 till 13.12.1995 was made. The Assessing Authority passed an order on 31.12.1996, imposing certain amount of tax, upon the undisclosed income. The petitioner approached the Settlement Commission at Chennai, the 1st respondent, under Section 245D of the Act. Through its order, dated 11.02.2002, the 1st respondent determined the undisclosed income for the block period at Rs. 1,36,52,701/- and imposed tax at 60%, aggregating to Rs. 81,91,620/- The petitioner challenges the said order. Sri S.Dwarakanath, learned counsel for the petitioner, submits that the 1st respondent did not take into account,....

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....ndisclosed income is to be ascertained. This expression is defined under Section 158B(b) of the Act. The determination thereof is provided for under sub-section (1) of Section 158BB. It reads: 158BB. Computation of undisclosed income of the block period.- (1) The 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 with the provisions of this Act on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer and relatable to such evidence, as reduced by the aggregate of the total income, or, as the case may....