COMMISSIONER OF INCOME TAX Vs. RAJENDRA PRASAD GUPTA

JUDGEMENT

(1.) HEARD learned counsel for the appellant.

(2.) IN this appeal, the appellant has challenged the order of the INcome-tax Appellate Tribunal, dated May 24, 1999, setting aside the order of the assessing authority on the ground that the assessment made by the assess-ing authority for the block period 1986-87 to 1995-96 up to August 31, 1995, under Section 158BB to the extent that it rejects the return filed by the assessee under the proceedings for the different years disclosing the incumbent of purchase was not justified inasmuch as the assessing authority had necessary jurisdiction to assess the income to best of his judgment on finding that the income disclosed by the assessee in the returns filed in the proceedings did not disclose the income correctly. The Tribunal has not accepted resort to estimation submitted by the assessing authority, inter alia, on the ground that the assessing authority has resorted to the best judgment assessment without examining the material that has come in his possession during the course of search. It is contended by learned counsel that there is no prohibition against making a best judgment assessment under Section 158BB in view of the Explanation to Section 158BB permitting resort to the provisions of Sections 144 and 145 of the INcome-tax Act, 1961.