2009 (1) TMI 8

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....r IV, on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with Assessing Officer, as reduced by the aggregate of the total income, or as the case may be, as increased by the aggregate of the losses of such previous years, determined,-- (a)  Where assessments under section 143 or section 144 or section 147 have been concluded, on the basis of such assessments; (b)  where returns of income have been filed under section 139 or section 147 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 inco....

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....e carried forward for being set off in the regular assessments." In these Civil Appeals, we are concerned with the block period commencing from 1.4.1986 to 11.10.1996, when the search took place. It is the case of the appellants-assessee that there is a conceptual difference between current losses and carried forward losses. Similarly, assessee contends that there a conceptual difference between current depreciation and carried forward unabsorbed depreciation. It is the case of the assessee that Explanation (a) to Section 158BB does not rule out current year's losses or current year's depreciation; it only rules out the brought forward losses or unabsorbed depreciation under Section 32(2).  According to the appellant, this differ....