COMMISSIONER OF INCOME TAX Vs. KAMALA DEVI JAIN

JUDGEMENT

(1.) This appeal, by the Revenue, under Section 260A of the Income-tax Act, 1961, ('the Act'), is against the order dated 24.8.2007 passed by the Income-tax Appellate Tribunal, Guwahati Bench, Guwahati in ITA No. 55(Gau.)/2007. The Appellant is aggrieved by the findings recorded in the aforesaid order of the learned Tribunal to the effect that "the excess income disclosed in a particular assessment year falling in the block assessment year can be available to the Assessee for set-off of undisclosed income in subsequent year of the same block period". On the basis of the aforesaid findings, consequential directions have been issued by the learned Tribunal to the Assessing Officer to allow set-off in favour of the Assessee.

(2.) The facts that will be required to be noticed for the purpose of adjudication of the substantial questions of law framed in the present appeal may be briefly noticed hereunder.

(3.) A search and seizure operation was conducted in the business and residential premises of the Assessee on 13.3.2003. Search and seizure operations were also conducted in the locker of Andhra Bank, A.T. Road Branch, Guwahati on 24.3.2003 which was in the, joint names of the Assessee and her son one Shri Ajoy Kumar Jain. Thereafter, notice under Section 158BC of the Act was issued and served on the Assessee on 13.8.2004. The Assessee filed return of income for the block period 1.4.1996 to 13.3.2004 disclosing undisclosed income in the following manner: <FRM>JUDGEMENT_102_LAWS(GAU)8_2010_1.html</FRM>