Law:

Section:

I - Section 158B, read with section 159, of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income - Block period 1988-89 to 1998-99 - Whether retraction from admission cannot be made by legal representative of person who made admission - Held, yes - During search, assessee offered a total undisclosed income of Rs. 1.26 crores - Subsequently, income tax return for block period was filed disclosing an undisclosed income of Rs. 34.51 lakhs - During pendency of assessment proceedings, assessee died - Assessing Officer determined total undisclosed income at Rs. 2.66 crores - Assessee's legal heir which was a trust sought to retract from admissions made by late assessee at time of search operations - Whether it was not possible for said trust to retract from statement of facts made by deceased assessee - Held, yes - Whether, therefore, admitted undisclosed income of assessee could not be deleted - Held, yes [In favour of revenue] II - Section 158B, read with section 158BA, of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income - Block period 1988-89 to 1998-99 - Whether in search assessment cases under chapter XIV-B, authorities only compute undisclosed income that has been found at time of search - Held, yes - During course of block assessment proceedings, a sum of Rs. 15 lakhs was found to be shown under head 'other loans' - Explanation offered by assessee was not corroborated by persons mentioned by it as loanees - Whether Assessing Officer had rightly treated Rs. 15 lakhs as undisclosed income - Held, yes - Whether when assessee itself had offered undisclosed income, Tribunal could not delete said addition merely on ground that Assessing Officer had examined balance sheet - Held, yes [In favour of revenue] III - Section 158B of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income - Block period 1988-89 to 1998-99 - On examination of seized material it was noted that assessee had made a total payment of Rs. 2.48 crores to one 'D' and 'B' for purchase of properties; but no receipt for Rs. 60 lakhs was found during search - Whether addition of Rs. 60 lakhs based on seized material…

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