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2016 (4) TMI 1134 - AT - Income TaxValidity of block assessment - Held that:- CIT(A) ought to have taken the panchnama dated15/12/1997 as the last panchnama within the meaning explanation 2 to section 158BE of the Act. Contrary to this, the Ld. CIT(A) has upheld the findings of the AO treating the so called panchnama dated 06/01/1998 as the last panchnama and also held the assessment order passed on 31/01/2000 as a valid order. Hence, in our considered opinion, the impugned order passed by the ld. CIT(A) is apparently erroneous and contrary to the settled law. We, therefore, hold that in the present case since the limitation period had started, for passing block assessment order, on 15/12/97, the assessment order passed on 31/01/2000 is barred by Block Assessment period: 1988-89 to 1998-99 limitation. Accordingly, we set aside the impugned order being not sustainable in law and allow all the effective grounds of the appeal of the assessee.
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