COMMISSIONER OF INCOME TAX Vs. RAVI KANT JAIN

JUDGEMENT

(1.) This is an appeal under Section 260-A of the Income-tax Act, 1961 (in short the Act). Challenge in the appeal is to the conclusions of the Income-tax Appellate Tribunal, New Delhi (in short 'Tribunal') arrived at in ITA (SS) No.70/Del/96 holding that provisions relating to block assessment, in terms of Section 158BA are not applicable to the facts of the case.

(2.) Factual scenario so far as relevant is as follows:

(3.) we have heard learned counsel for parties. In this appeal, it has been stated that Tribunal was not justified in deleting the additions made by the Assessing Officer as un-disclosed income on the ground that additions could not be termed as un-disclosed income within the meaning of Clause (b) of Section 158-B of the Act.. Learned counsel for Revenue with 'reference, to the order passed by the Assessing Officer submitted that special auditor was appointed to indicate its views vis-a-vis the seized material and, therefore, it cannot be said that the income as determined was not on the basis of any seized material but on the basis of change of opinion. Learned counsel for the assessee, on the other hand, submitted that Assessing Officer proceeded on the basis that the only question which needs to .be decided was whether in the block assessment period an income which was hitherto being returned under a particular section of the Act could be brought to tax under different heads of income as contemplated in the Act.