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2010 (12) TMI 1241 - AT - Income TaxUndisclosed income of another person u/s 158BD - validity of assessment proceedings u/s 158BC r.w.s. 158BD, when proceedings was initiated after the completion of the assessment of the person searched - In this case, search u/s 132 was carried out in the business premises of M/s. Ohm Organizers, on 29.10.1999. Certain books of accounts and documents relating to the assessee were also seized. The AO having jurisdiction over the case of M/s. Ohm Organizers found that certain investment in purchase of flats/ shops were made by the assessee and payment of on-money was made by him to the builder. Thereafter certain inquiries were carried out from the assessee u/s 133(6) by way of notice issued on u/s.133(6). Further letters were also issued. However, notice u/s 158BD was issued to the assessee on 10.06.2004. In the impugned order, the ld. CIT(A) upheld the legality of action u/s 158BD. HELD THAT:- We following the decision of Tribunal in the case of Vimal Vadilal Shah,[2010 (5) TMI 889 - ITAT AHMEDABAD] quash the block assessment framed on the ground that notice u/s158BD, which was issued long after completion of assessment in the case of person searched i.e. Ohm Developers.
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