2009 (7) TMI 53

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....l under Section 260A of the Income-tax Act, 1961 (for short, "the Act"), against the order of the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar dated 19.9.2008 passed in I.T.(SS)A No. 10 (ASR)/ 2000 for the block period 1.4.1987 to 9.10.1997 served on the appellant on 23.9.2008, proposing to raise the following substantial question of law: 1. "Whether or not the Hon'ble ITAT was correct....

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....Act and loose papers were found at various premises of the assessee.  Notice under Section 158BC was issued and block assessment was made by the Assessing Officer on the basis of estimated net profit, which was upheld by the CIT(A). The Tribunal accepted the appeal of the assessee and held that when regular assessment was pending and the material found in search had already been reflected/dis....

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....ent under Chapter XIV -B of the Act. Hence, the assessment completed under Section 143 or 144 or 147 cannot be reopened in the assessment proceedings under Chapter XIV-B.  Consequently, those elements of income which already stand disclosed in the relevant assessment year falling within block period cannot be included while computing undisclosed income under this Act. Block assessment is in a....

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.... & 1998-99 is subject to advance tax/TDS, the same is to be excluded for the purpose of determination of undisclosed income. On the other hand, if only part of the income out of contract receipts is subject to advance tax/TDS, the proportionate exemption is to be given to this, if the contract receipts are not recorded in the regular books of accounts maintained by the assessee. For this limited p....