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2012 (9) TMI 438 - AT - Income TaxTime limit for initiation of proceedings under Section 158BD - The act nowhere specifically prescribes any time limit or limitation for initiation of proceedings under Section 158BD or for recording of satisfaction before taking action under that provision - Held that:- Following the decision in case of CIT, Ludhiana v. Mridula, Prop. M/s Dhruv Fabrics(2010 (7) TMI 664), ITAT does not find any justification in initiation of block assessment proceedings u/s 158BD against the assessee after long gap of completion of the assessment in the case of persons searched u/s 132 or 132A. NO substantial question of law arises in this issue. Decided in favour of assessee.
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