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2016 (11) TMI 1495 - HC - Income TaxAssessment order passed u/s 158BC/143(3) - period of limitation - Held that:- It will not be out of place to mention that the search proceeding under section 132(3) was continued up to August 16, 1997, however by subsequent restraint order where only for the purpose of seizure, no further search material was found and specifically panchnama was drawn. In that view of the matter, relying on the decision of the Madras High Court in the case of A. Rakesh Kumar Jain v. Joint CIT reported in [2012 (12) TMI 164 - MADRAS HIGH COURT] and decision of the Delhi High Court in B. K. Nowlakha v. UOI reported in [1991 (8) TMI 78 - DELHI High Court] we are of the opinion that the search has commenced on May 16, 1997, no further search was conducted therefore limitation was started on August 31, 1997. - Decided in favour of the assessee and against the Department.
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