Law:

Section:

Section 158BC, read with section 158BB, of the Income-tax Act, 1961 - Block assessment in search cases - Procedure for - Whether income below taxable limit of any previous year is not to be included as undisclosed income of block period for purpose of section 158BC, even though such income has not been declared by assessee by filing return of income - Held, yes HELD By virtue of the amendment in section 158BB with retrospective effect from 1-7-1995, in a case where the undisclosed income of any year covered by the block period is below the taxable limit, the said income has to be excluded from the block assessment. [Para 4] In the instant case, the search under section 132 was conducted on 22-11-1995, that is after the retrospective amendment of sub-clause (B) of clause (c) of sub-section (1) of section 158BB and, consequently, the Tribunal was justified in holding that the income below the taxable limit, of any previous year, was not to be included as the undisclosed income of the block period for the purpose of section 158BC, even though such income had not been declared by the assessee by filing the return of the income. Reference was answered in the affirmative. [Para 5] CASE REFERRED TO CIT v. M.M. George [2002] 254 ITR 45/ 121 Taxman 336 (Ker.) [Para 3]. P.K.R. Menon and George K. George for the Applicant. JUDGMENT G. Sivarajan, J. - The Income-tax Appellate Tribunal, Cochin Bench, has referred the following question of law to this Court under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), at the instance of the Commissioner of Income-tax, Calicut : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the income below the taxable limit of any previous year is not to be included as the undisclosed income of the block period for the purpose of section 158BC, even though such income has not been declared by the…

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