Law:

Section:

I. Section 158BB of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income, computation of - Block period 1987-88 to 1996-97 - After search and seizure held, ten earlier previous years' income including income for years below taxable limit, were included in block assessment of assessee without allowing adjustment - Tribunal excluded those years' income which was below taxable limit - Amendment brought about in section 158BB by Finance Act, 2002, was given effect to from a date prior to search and seizure held in instant case - Whether amendment should be deemed to be there in statute at time when search and seizure were held and, therefore, benefit of excluding income for years below taxable limit, as given by Tribunal, could be said to be justified and in accordance with law - Held, yes II. Section 158BB of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income, computation of - Block period 1987-88 to 1996-97 - Whether income for block assessment under search and seizure procedure is to be computed strictly on basis of document seized, and it cannot proceed on conjectures and/or surmises and arrive at an estimation instead of computation - Held, yes - Whether computation is a calculation, a method of determination by reckoning through calculation and it involves some methodical process with some amount of approximate mathematical precision based on calculable data available - Held, yes - Whether state of estimation is fluid and not solid whereas computation is based on solid methodical process of calculation - Held, yes - Whether Assessing Officer computes income in process of assessment in dealing with income from business; he does not estimate or appraise income from business - Held, yes Section 260A of the Income-tax Act, 1961 - High Court, appeals to - Whether where two opinions are possible on established facts, if Tribunal has adopted one, High Court sitting in appeal under section 260A is not supposed to substitute its own view unless it is of opinion that Tribunal's finding cannot be sustained and is on border line of perversity - Held, yes FACTS-I In the block assessment of the assessee, after…

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