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2015 (5) TMI 1214 - AT - Income TaxBlock assessment order u/s.158 BC - Assessment order passed beyond the period of limitation prescribed under the Act - undisclosed income for block period - whether or not the panchnama of 6.2.1998 is of the type mentioned in the Explanation 2(a) to Section 158BE(1)? - HELD THAT:- It has to be inferred that the panchnama of 6.2.1998 cannot be understood as a panchnama of type mentioned in Explanation 2(a) to section 158BE(1) - A natural collorary of the aforesaid is that the period of limitation prescribed in section 158BE(1) for passing the block assessment order u/s. 158BC in the present case cannot be computed by considering the panchnama of 6.2.1998 as execution of the last of the authorizations for search initiated by the authorization u/s 132 dated 8.12.1997. Search operations were also carried out at two other premises i.e. at Sonawala Building and at Krishna Niwas. The search operations at these premises came to an end on 16.1.1998 and 8.1.1998 respectively as is revealed by the Panchnama’s on record. In any case, on these aspects, there is no dispute between the assessee and the Revenue. Last day when the authorization of search dated 8.12.1997 was finally executed / concluded is 16.1.1998 for the purpose of section 158BE(1)(b) of the Act. Considered in the said light, the assessment order passed by the Assessing Officer on 23.2.2000 is beyond the period of limitation prescribed in section 158BE(1)(b) of the Act. As a consequence the assessment order dated 23.2.2000 is untenable in the eyes of the law and it is hereby quashed. - Decided in favour of assessee.
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