2004 (4) TMI 69

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.... to under section 256(1) of the Income-tax Act, 1961, to the High Court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in setting aside the assessment tantamounting to its annulment on the ground that there is no existence of undisclosed income for the purpose of an assessment to be made under Chapter XIV-B, especially when no valid return ....

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....the Act. On appeal, the Tribunal by majority opinion, held that there was no existence of any undisclosed income, and therefore, the impugned assessment under Chapter XIV-B for the block period was liable to be annulled. Section 158BB defines undisclosed income as follows: 158BB(1). The undisclosed income of the block period shall be the aggregate of the total income of the previous years fa....

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....42 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 ....