Law:

Section:

Section 260A of the Income-tax Act, 1961 - High Court, appeals to - Whether since statutory appeal lies to High Court under section 260A against decision of Tribunal, High Court, while overruling decision of Tribunal, should give its findings in detail, particularly on question whether there was any error of law in decision of Tribunal and whether that error caused prejudice to revenue - Held, yes [In favour of assessee] Section 158BC of the Income-tax Act, 1961 - Block assessment in search cases - Procedure for - In pursuance of search and seizure proceedings at assessee's residential and business premises, Assessing Officer made block assessment - Said order of Assessing Officer was set aside by Commissioner under section 263 with a direction to make assessment de novo on certain points - Order of Commissioner was set aside by Tribunal observing that assessee had filed detailed explanation and supporting evidence on basis of which Assessing Officer had made due enquiries while passing order after obtaining necessary approval of his superior officer under section 158BC - On appeal, High Court set aside order of Tribunal - Whether since High Court, while deciding case, had not heard assessee its order was to be set aside - Held, yes [In favour of assessee] JUDGMENT Delay condoned. Leave granted. The appellant is an individual. He is a partner in M/s. Mahajan Exports, Panipat, and M/s. Maspar, Panipat. He derives business income, income from salary and income from house property. A search was conducted under Section 132(1) of the Income Tax Act, 1961 ['Act', for short] at his residential premises and business premises. It got concluded on 10th November, 2000. Subsequently, notice under Section 158BC of the Act was issued to him on 5th February, 2003, asking him to furnish Return of Income for Block Assessment period. The appellant declared the total undisclosed income at 'nil' on 20th February, 2003. Consequently, the Assessing Officer undertook assessment proceedings, in pursuance of search and seizure, in which the appellant was represented by his authorised representative. After verifying the details filed by the appellant, the Block Assessment proceedings…

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