2008 (2) TMI 341

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1302 and 1374 of 2007. J. Naresh Kumar for the appellant.       Venkatanarayanan for M/s. Subbaraya Aiyar, Padmanabhan and Ramamani for the respondent in T.C. No. 2686 of 2006.    None appeared for the respondent in T.C. Nos. 2622 of 2006, 91, 93 to 96, 118 and 1299 to 1302 of 2007 Philip George for the respondent in T.C. Nos. 184 and 399 of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and the block assessment order was passed on 27.8.2001. The assessing officer levied a surcharge at 10 percent on the tax payable on the block assessment. The appeal preferred by the assessee before the Commissioner of Tax (Appeals) ended in dismissal. However, on further appeal to the Tribunal, the Tribunal following the decision of Special Bench of Income-tax Appellate Tribunal, Hyderabad in the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... remains constant. Block assessment computation in section 158BB does not exclude either the concept of "previous year" or the concept of "total income": they are retained. Section 158BB(1) incorporates the principle of aggregation of total income of previous years falling within the block period computed in accordance with the provisions of Chapter IV, which deals with "computation of total incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r XIV-B. Section 158BB looks to section 113. The proviso was inserted in section 113 to indicate that the Finance Act of the year in which the search was initiated would apply. That; proviso was only clarificatory in nature. There is no question of retrospective effect. The proviso has to be read as it stands. Prior to June 1, 2002, in several cases, tax was prescribed sometimes in the Income-t....