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2015 (1) TMI 705 - HC - Income TaxNotice under Section 158BD - notice to third party - period of limitation - block assessment - Held that:- As decided in CIT vs. Calcutta Knitwears [2014 (4) TMI 33 - SUPREME COURT] Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings. We are of the opinion that notices were not issued in conformity with the requirements of Section 158BD, and were unduly delayed. The appeals of the Revenue accordingly fail and are dismissed. - Decided against revenue.
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