1999 (8) TMI 18

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....f the learned single judge dated July 27, 1999. The main grievance of the assessee is that the learned single judge has not stayed the operation of the notice under section 143 of the Income-tax Act, 1961, while, at the same time, the proceeding for the assessment year 1998-99 in pursuance of notice under section 158BC is pending. Heard learned counsel for the assessee and the Revenue. Notices u....

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.... was a search on August 21, 1998, at the premises of the assessees. A notice under section 158BC of the Act has already been issued and proceeding in pursuance of that notice is pending. The period of that notice under section 158BC covers the period of the assessment year 1998-99. Therefore, he further submits that once the assessment proceedings under the Act for the period 1998-99 are pending i....

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....roceeding under the special Chapter XIV-B is in search cases and the undisclosed income of the assessee can be assessed and taxed as provided under the provisions of the special provisions under Chapter XIV-B of the Act. Dr. Pal has no objection in case the Assessing Officer proceeds for making assessment for disclosed income which has been disclosed by the assessee voluntarily in his return for t....

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....f the same year which forms part of the block period ? In our view, when Chapter XIV-B of the Act pertains to undisclosed income and the assessment under section 143(3) pertains to disclosed income, there should be no dispute on the fact that both the proceedings can go on simultaneously as both are for different types of income, though for the same period, one proceeding is for undisclosed income....