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2020 (8) TMI 313 - AT - Income TaxBlock assessment u/s 158BC - period of limitation u/s 158BE - search and seizure action under section 132 of the Act was carried out on the residential and business premises - Panchnama issued by the Investigation Wing of the Department on various dates - HELD THAT:- In the present case of the assessee the period between the second last panchnama and the last panchnama is almost one year for which there is no explanation given by the Revenue and as per section 132(8A) of the Act the said prohibitory order has come to an end around 04-12-2001. Even prohibitory order dated 04-12-2000 comes to an end after 60 days and there is no extension after the expiry of 60 days. In the case of the assessee herein on 07-11-2001, the investigation wing of department after almost one year has only converted the non-existent prohibitory order into deemed seizure, and therefore in the present case the panchnama dated 07-11-2001 is only for the purposes of extending the limitation period. During the period of one year no examination of any items was done whereas in the case of VLS Finance Ltd. [2006 (12) TMI 77 - HIGH COURT, DELHI] the Revenue was scrutinising 5000 documents during the intervening period. It is, therefore, submitted that the facts before the Delhi High Court being totally different than the facts of the present assessee, limitation should start, even in the worst case, from 04-12-2000. Therefore, the assessment order dated 28-11-2003 is barred by limitation. Hence, we quash the block assessment order and on this jurisdictional issue and allow the appeal of the assessee.
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