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2016 (5) TMI 788 - AT - Income TaxValidity of assessment u/s 158BC - Held that:- In the instant case, the search was commenced on 15-10-1997 and it was suspended on 16-10-1997 by stating that the search was concluded temporarily. The seizure of certain documents has taken place on that date only. Subsequent searches were related to lifting of prohibitory orders and placing the documents again under the P.O. Even though it is contended that certain unaccounted share certificates were seized subsequently, the said claim suffers from two infirmities, viz., (a) the assessee claims that the share certificates have simply been inventorised on those dates, meaning thereby, the seizure has already been completed on 16.10.1997 and (b) the inventorisation has also been done by some unauthorized officials. Hence in our view, the date of execution of last authorization should be taken as 16.10.1997 only and hence the assessing officer should have passed the block assessment order before 31.10.1999. However, the assessing officer has passed the order only 31.1.2000 and hence the same is barred by limitation and is liable to be quashed. Accordingly we set aside the orders passed by both the tax authorities. - Decided in favour of assessee
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