TaxTMI 
TaxTMI 
TaxTMI 
2015 (1) TMI 103
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.... 4,490/- and for the subsequent year i.e. 1993-94, the income of Rs. 20,540/- was shown. On 01.03.1995, orders of assessment for both the years were passed. The taxable income for the year 1992-93 was arrived at Rs. 3,27,630/- and for 1993-94, it was shown as Rs. 1,99,447/-. The respondent paid the tax and the matter ended at that. On 14.09.1995, a search was conducted in the premises of M/s.Mahaveer Group of Companies. The books of account of those Companies revealed that gift articles worth Rs. 49,90,175/- were sold to the respondent, during the assessment year 1992-93. Based upon that, a notice under Section 158BD of the Act was issued to the respondent on 02.09.1996. That was followed by a show cause notice, dated 24.07.1997. Taking in....
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....disputed facts. She contends that the purchase of the gift articles worth Rs. 49,90,175/- was very much reflected in the books of account and the returns of the respondent. The Assessing Officer took the same into account, while passing the order of assessment, dated 01.03.1995, without any demour. She contends that even as regards M/s.Mahaveer Group of Companies, the allegation was that no such transaction has taken place, despite the fact that their books of account also reflected the said transactions. Learned counsel submits that just by terming the transaction as an accommodating sale and thereby, an act of suppression of income, the punitive proceedings under Chapter XIVB of the Act were initiated. She contends that the Tribunal has a....
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....n), on the basis of such assessments; (b) where returns of income have been filed under section 139 (or in response to a notice issued under sub-section (1) of Section 142 or Section 148) but assessments have not been made till the date of search or requisition, on the basis of the income disclosed in such returns; (c) where the due date for filing a return of income has expired but no return of income has been filed, (A) On the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where such entries result in computation of loss for any previous year falling in the block period; or (B) On the basis of entries as recorded in the books o....
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....lready been disclosed in any return of income filed by the assessee before the commencement of search or of the requisition, as the case may be, shall be on the assessee. (4) For the purpose of assessment under this Chapter, losses brought forward from the previous year under Chapter VI or unabsorbed depreciation under sub-section (2) of section 32 shall not be set off against the undisclosed income determined in the block assessment under this Chapter, but may be carried forward for being set off in the regular assessments. The provision has been interpreted by the Honble Supreme Court in ACIT Vs. HOTEL BLUE MOON 2010 (321) ITR 362 SC as well as several High Courts. This Court in SRINIVASA FERRO ALLOYS LIMITED Vs. ASSISTANT COMMISSIEONER....