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2013 (9) TMI 871 - HC - Income TaxBlock assessment - Limitation period for the block assessment under section 158BC – Held that:- Panchnama dated 13.04.1999 itself reveals that nothing was seized on that date nor was anything found on that date. In fact no search was conducted and the drawing of the Panchnama on 13.04.1999 was an empty formality and was executed merely for the purpose of vacating the restraint order issued on 03.02.1999, when a restraint order under Section 132(3) of the Act was passed in respect of an Almirah in the last bed room of residence of assessee and subsequently the search party visited the residence of the asseesee on 13.04.1999 and withdrew the prohibitory order under Section 132(3) relating to the Almirah and prepared a Panchnama showing that nothing was found nor anything was seized from the said Almirah, therefore, essentially from 03.02.1999 when the last Panchnama was drawn and the restraint order passed, till 13.04.1999 when the last Panchnama was drawn whereby the restraint order was vacated, nothing else was found and in fact no further search was conducted, therefore, the last Panchnama dated 13.04.1999 was merely a release order and the same could not extend the period of limitation. Time limit for completion of the block assessment will have to be reckoned from 3-2-1999 on which date the search was concluded against the appellant. Consequently, the block assessment order was required to be passed on or before 28-2-2001 as against which the block assessment order was passed on 27-4-2001. Therefore, said block assessment order was not passed within the time limit prescribed in the Act and is time-barred – Decided against the Revenue.
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