2015 (2) TMI 408

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....7/V/99. The brief facts pertaining to the case are as under:              The appellant was having income from house property, agriculture as well as transport business. Whenever his income exceeded the taxable limits, he filed return. On account of his old age, he is said to have entrusted the transport business to his son, who is an independent assessee. The appellant was deriving income only from two sources, namely house property and agriculture. Though he filed returns for quite some period, he discontinued to file the same on the ground that the income, after transfer of transport business to the son was below the limits. A search was conducted on 10.10.1996 in the house o....

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.... sources, namely agriculture and house property for the years 1986-87 to 1997-98 did not exceed the taxable limits and the nature of investments from the savings made over the years were shown. Things would have been different altogether, had the Assessing Officer or the Tribunal disbelieved the statement referred to above. Not a word was said about it. Section 158BB of the Act prescribes the procedure to be followed in the context of computation of undisclosed income of the block period. Broadly stated, the undisclosed income to be so arrived at, is the one which is found as a result of search or requisition of books, added by the loss, which the assessee may have incurred in the block period or deducted by the income which is already dis....