2007 (8) TMI 332

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....unal was right in holding that even though returns were filed belatedly and hence treated as invalid, the income shown in them could not be treated as undisclosed income ? 2. Whether, on the facts and circumstances of the case, the provisions of section 158BB(ca) would apply only where returns are not at all filed, or whether it would also apply to cases where the return is  filed beyond the specified time limits and is hence invalid ? 3. Whether, on the facts and circumstances of the case, the Tribunal was right in holding that there was no undisclosed income for  the years in which advance tax had been paid, even though the  returns were not filed within the time limit specified under section  139(1) ?" 2. The....

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....additions : (i) Additions of Rs. 36,770, Rs. 51,270, Rs. 55,010 and Rs. 67,850  towards undisclosed income for the assessment years 1992-93, 1993-94, 1994-95 and 1995-96, respectively. (ii) Addition of Rs. 1,43,969 towards undisclosed income for the  assessment year 2000-01. 4. Aggrieved by the order, the assessee filed an appeal to the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) dismissed the appeal and confirmed the order of the Assessing Officer. Aggrieved, the assessee filed an appeal to the Income-tax Appellate Tribunal (" the Tribunal" in short). The Tribunal allowed the appeal and set aside the order of the lower authorities. Hence, the present tax case by the Revenue. 5. Learn....

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....clear that for the above assessment years, the returns were filed by the assessee only after the due dates prescribed under sections 139(1) and 139(4) of the Act. Since the returns of income filed were not valid ones, the Assessing Officer treated the returns as "non est" and lodged the same. The income returned by the assessee in these assessment years could not be taken as undisclosed income considering the definition of undisclosed income under section 158B(b) of the Act. From the above tabular column, it is seen that the filing of the returns were before the date of search. The Assessing Officer merely lifted the figures from the returns filed by the assessee and treated the amounts shown  in the returns as undisclosed income. The ....