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2003 (3) TMI 37
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.... Tribunal, Cochin Bench, has referred the following question of law to this court under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), at the instance of the Commissioner of Income-tax, Calicut: "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the income below the taxable limit of any previous year is not to be included as....
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....tained in the normal course on or before the date of the search or requisition where such income does not exceed the maximum amount not chargeable to tax for any previous year falling in the block period." By virtue of the amendment, which was made with retrospective effect, from July 1, 1995, in a case where the undisclosed income of any year covered by the block period is below the taxable li....