Law:

Section:

Section 158BA of the Income-tax Act, 1961 - Block assessment in search cases - Assessment of undisclosed income - Block period 1989-90 to 1999-2000 - Tribunal cancelled block assessment in its entirety taking view that undisclosed income found during search and set forth by assessee in his block return, was squarely covered by income disclosed by him in his regular return for assessment year 1998-99 and holding that sustaining of block assessment would amount to double taxation - Whether since none of investments detected during search and seizure could be co-related with entries recorded in books of account produced in regular assessment for year 1998-99, assessee was clearly liable to be assessed for block period in question - Held, yes - Whether as conclusion and findings arrived at by Tribunal were perverse and contrary to evidence available on record, its order was liable to be set aside - Held, yes Section 260A of the Income-tax Act, 1961 - High Court, appeals to - Block period 1989-90 to 1999-2000 - Assessee contended that in an appeal under section 260A, it was not permissible for Court to interfere with findings of fact by Tribunal - Whether where Tribunal records a finding contrary to documentary evidence available on record and acts on surmises and conjectures and its finding fells in realm of perversity, it would certainly give rise to question of law - Held, yes FACTS During a search conducted at premises of the assessee under section 132, unaccounted investments in the form of shares, cash certificates, fixed deposits and Indira Vikas Patra were found and seized. In a statement, the assessee admitted that undisclosed investments were made by him during the block period. Subsequently, a notice was served on him under section 158BC requiring him to file return for block period 1989-90 to 1999-2000. The assessee filed the return of income for block period on 27-10-1998 showing Rs. 72 lakhs as total undisclosed income. He also filed his regular return for the assessment year 1998-99, which was accepted by the Assessing Officer. Subsequently, the Assessing Officer completed block assessment. The assessee, however, contended that entire undisclosed…

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