Law:

Section:

Section 158BC, read with section 158BD, of the Income-tax Act, 1961 - Block assessment in search cases - Procedure for - Competent authority during search conducted under section 132 on 17-11-1995 at business premises of assessee, seized a document containing details of certain cash transactions - During assessment proceedings under section 158BC, assessee in respect of entries recorded on document seized, stated that those entries had no relation with it and that its accountant learning computer operations, who was, by chance filled certain figures to test his ability and print taken out by him was seized by department - Subsequently, resiling from aforenoted explanation, assessee attempted to explain said entries by producing one 'G' who had stated before Assessing Officer that said entries were made by accountant of assessee in respect of certain transactions which he had conducted for sale of diamonds worth Rs. 15 lakhs, brought by him to Delhi - Assessing authority being dissatisfied with that explanation, added entire amount reflected on said document in income of assessee - Assessee objected to said assessment on ground that since alleged document did not pertain to it, provisions of section 158BC were not attracted insofar as it was concerned - Whether since it was never case of assessee that document in question was not recovered from its business premises or that it did not belong to it or that entries in it were not made by its employee, section 158BC had been correctly invoked in instant case and section 158BD had no application in matter - Held, yes FACTS On 17-11-1995, the competent authority conducted search under section 132 at the business premises of the assessee-company and seized a document containing details of certain cash transactions. Thereafter, the Assessing Officer issued a notice to the assessee under section 158BC directing it to file its return for the block period ending 17-11-1995. The assessee, accordingly, filed the return declaring nil income. During the course of assessment proceedings, the assessee explained the entries recorded on the document seized, inter alia, stating that those entries had no relation with it and that…

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