- (1.) This is an application for review of an order dated 1st July, 2011 passed by this Bench in I.T.A. No.218 of 2001 by which this Bench disposed of an appeal under Section 260A of the Income-tax Act filed by the assessee against an order dated March 30, 2001 passed by the Income-tax Appellate Tribunal in Income- tax Appeal bearing IT (SS) A No.69/(Cal) of 1997 for the block-period between April 1, 1985 and February 12, 1996.
(2.) The main point involved in the aforesaid appeal was whether the addition of Rs.39,78,315/- and a further sum of Rs.20 lac based on alleged bogus purchase could be made in block assessment notwithstanding the fact that those findings were based on no material recovered from search and seizure. This Court held that the aforesaid findings were not based on any material unearthed on search and seizure and thus, was not liable to be assessed on the block assessment under Chapter XIVB of the Income-tax Act but should be subject to regular assessment.
(3.) We arrived at the aforesaid findings while answering the first question which is quoted below: "i) Whether sum of Rs.39,78,315/- and Rs.20.00 lakh reflected in the regular books of account relating to the assessment years 1993-94 and 1996-97 could form subject matter of the block assessment.";