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2012 (8) TMI 515 - AT - Income TaxBlock Assessment framed u/s. 153BC (c) - search and seizure operation - assessee contested against invoking of extended period of limitation - Held that:- Panchnama dated 3.1.2003 is not a panchnama which finds mentioned in Explanation 2 to section 158BE which reveals that except from passing the revocation order u/s 132 (3) of the prohibitory order passed on 21st December, 2002 no other activity had taken place. Hence, the limitation cannot be governed by the said panchnama. The search essentially was concluded and completed vide panchnama dated 21st December, 2002, when order under the second proviso to section 132(1) was passed deemed seizure of stock of goods of Rs. 25,43,500/- statement of one person was recorded and a restrain order u/s 132 was passed. Panchnama dated 21st December, 2002 was the last panchnama as described in Explanation 2 to section 158BE and, therefore, the limitation has to be commenced from the said panchnama which will be 31st December, 2004. As against that, the impugned assessment is passed on 31.1.2005 which is not passed within the limitation described in section 158BE. The assessment, therefore, is bad in law and has to be quashed - ‘Panchnama’ dated 1.11.2002 cannot give extended time to the A.O for further 2 months when in fact, in the case of these assessees, the search was finally concluded on 6.9.2002 - in favour of assessee.
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