TaxTMI 
TaxTMI 
2019 (1) TMI 38
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....the facts and circumstances of the case and in law, the Tribunal was right in holding that proceedings u/s. 158BD ought to have been initiated in order to disallow depreciation on assets leased to REPL? (b) Whether on the facts and circumstances of the case and in law, the Tribunal was right in allowing broken period interest to the Respondent" 2. Additionally, in Income Tax Appeals 601 of 2016 and 534 of 2016, following question was also addressed : "(c) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that depreciation on the sale and lease back transaction of the assets to AEL should be allowed u/s.32 of the Income Tax Act,1961?" 3. Question (a) pertains to assessment in relation to Ass....
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....se of said Chapter. Clause (b) of Section 158 B defines undisclosed income as to include, besides others, any expenses, deduction or allowance claimed under the Act, which is found to be false. Section 158BB pertains to computation of undisclosed income of the block period and provides for the mechanism for computing such income. Section 158BC of the Act, provides a procedure for block assessment. Section starts with an expression "where any search has been conducted under Section 132 or books of account, other documents or assets are requisitioned under Section 132A in the case of any person then ........ ....... ........" The procedure for block assessment is thus so be followed where any search has been conducted under Section 132 or boo....
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....erson) was satisfied that any undisclosed income belonged to the Assessee, as in the present case, he would hand over the books of account, other documents or assets seized or requisitioned to the Assessing Officer of the present assessee who would than proceed under Section 158BC of the Act. Accordingly, even in case of the person other than searched person, upon finding of any income belonging to the person during search, the block assessment procedure had to be undertaken. In case of CIT v/s. Dr. M.K.E. Memon reported in 248 ITR 310, Division Bench of this Court had in para 8 held as under: " 8:In conclusion, we would also like to mention that Chapter XIVB lays down a special procedure for the assessment of search cases and provides for....