Commissioner Of Income Central Ii vs Suresh N. Gupta

The Supreme Court ruled that the Finance Act, 2001 is not applicable to block assessments under Chapter XIV-B of the Income-tax Act, 1961, as the provisions for block assessments are self-contained and distinct from the normal assessment of total income under Section 4(1). The Court clarified that the imposition of surcharge under Section 113 is not applicable in this context, affirming the decisions of the CIT(A), Tribunal, and High Court. The appeal was dismissed, upholding the lower courts' rulings on the matter.