The Revenue has filed against the order of Tribunal\u00a0 which has dismissed the appeals of the Revenue. On behalf of Revenue it was contended that though the amalgamation is approved by Gujarat High Court\u00a0 cash payments and interests were paid till date of Search. According to Revenue there was capital gains which was not offered to tax.\u00a0 The submission that the amount involved is below monitory limit is also not accepted.\u00a0\u00a0\u00a0\u00a0\u00a0 Allowing the appeal of the Revenue the Court held that Assessment has to be made on the basis of records actual instead of on\u00a0 notional basis. Matter remanded to the Assessing Officer. (BP. 1-4 1998 to 15-12 1998)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 158BA : Block assessment-Undisclosed income-Unexplained money-Shares-Block assessment-Assessment has to be made on actual undisclosed income and not on notional basis-The submission that the amount involved is below monitory limit is also not accepted-Matter remanded to the Assessing Officer.[S. 69A, 132, 158B(b), 158BC, 260A, 268A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-53086","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dOe","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=53086"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53086\/revisions"}],"predecessor-version":[{"id":53087,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53086\/revisions\/53087"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}