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2017 (1) TMI 807 - HC - Income TaxValidity of Block assessment u/s 158BC - whether was barred by limitation - authorization for requisition u/s 132A - Held that:- The assessment order was to be completed within one year from the end of the month i.e. on or before 31.8.2001. The Tribunal records that in the present case, block assessment order was passed on 29.8.2002, which was well beyond the period of one year, as the stipulated period of limitation in the present case would be one year as is provided under Section 158BE (1) (a) of the Act. The Tribunal, therefore, rightly came to conclusion that the assessment order passed on 29.8.2002, was not a valid assessment as it was beyond the period of one year and barred by limitation. Consequently, it was quashed. The contention of the department that last requisition was sent on 15.6.1999 and served upon CBI on 21.6.1999, so, case will fall within the ambit of Section 158BE (1) (a) of the Act and limitation will be of two years since the date of execution of the requisition is not acceptable because when first requisition dated 11.9.1995 was pending and no further material came to the notice of the department, so, there was no occasion for issuing second requisition on 15.6.1999. - Decided in favour of assessee
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