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The Tax PublishersCivil Appeal No. 32 of 2008 2008 TaxPub(DT) 1438 (SC) : (2008) 297 ITR 0322 : (2008) 214 CTR 0274 : (2008) 166 TAXMAN 0313 : (2008) 001 DTR 0354 Commissioner of Income tax, Central II v. Suresh N. Gupta INCOME TAX ACT, 1961 Search and seizure - Block assessment -Levy of surcharge AO found undisclosed income in course of search conducted under section132 upon assessee. AO computed tax thereon at 60 per cent as per section 113 and also levied surcharge at 17 per cent on amount so taxed. *Held:* Since, even without proviso to section 113 (inserted vide Finance Act, 2002 with effect from 1-6-2002), Finance Act, 2001 was applicable to block assessment under Chapter XIV-B in relation to search initiated on 17-1-2001, surcharge was leviable at rate of 17 per cent on amount of tax computed. Income-tax Act, 1961, Section 113, read with Chapter XIV-B of the Income-tax Act, 1961 and read with Para A of Part I of First Schedule to Finance Act, 2001 A.Y. :Block period 1991-92 to 2000-01 Decision: In favour of revenue. Case Law Analysis:Govind Saran Ganga Saran v. CST [1985] 155 ITR 144 (SC) [Para 17] and Allied Motors (P.) Ltd. v. CIT [1997] 224 ITR 677/ 91 Taxman 205 (SC) [Para 27] SUBSCRIBE FOR FULL CONTENT

The Tax PublishersCivil Appeal No. 32 of 2008
2008 TaxPub(DT) 1438 (SC) : (2008) 297 ITR 0322 : (2008) 214 CTR 0274 : (2008) 166 TAXMAN 0313 : (2008) 001 DTR 0354

Commissioner of Income tax, Central II v. Suresh N. Gupta

INCOME TAX ACT, 1961

Search and seizure - Block assessment -Levy of surcharge

AO found undisclosed income in course of search conducted under section132 upon assessee. AO computed tax thereon at 60 per cent as per section 113 and also levied surcharge at 17 per cent on amount so taxed. Held: Since, even without proviso to section 113 (inserted vide Finance Act, 2002 with effect from 1-6-2002), Finance Act, 2001 was applicable to block assessment under Chapter XIV-B in relation to search initiated on 17-1-2001, surcharge was leviable at rate of 17 per cent on amount of tax computed.

Income-tax Act, 1961, Section 113, read with Chapter XIV-B of the Income-tax Act, 1961 and read with Para A of Part I of First Schedule to Finance Act, 2001

A.Y. :Block period 1991-92 to 2000-01
Decision: In favour of revenue.

Case Law Analysis:Govind Saran Ganga Saran v. CST [1985] 155 ITR 144 (SC) [Para 17] and Allied Motors (P.) Ltd. v. CIT [1997] 224 ITR 677/ 91 Taxman 205 (SC) [Para 27]