TMI Blog2009 (9) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... o prepared. Thereafter, there was no search at the premises of the assessee. If the material seized by the Revenue, i.e., the carton was opened on a subsequent date and inventory prepared or the CPU seized was opened later on to find out whether it contains any information/data relevant for the purposes of assessment or not, that would be of no consequence. This is the exercise done by the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rch again commenced on March 26, 2002 on which date the restraint orders were revoked and panchnama was pre-pared. One carton containing loose papers along with two CPUs and one hard disk were seized. However, notice under section 158BC of the Income-tax Act, 1961 was issued to the respondent-assessee on March 16, 2004 and the assessment was completed on June 30, 2004. As per the Income-tax Act, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was stored in the hard disk and panchnama was drawn up. On this basis, the plea raised by the learned counsel for the appellant is that the search should be treated to have been concluded on June 6, 2002 and if the two-year period is rec-koned therefrom, then the assessment order was supposed to be passed by the end of June, 2004 and therefore the order of assessment passed on June 30, 2004 would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conclusion of the search as recorded in the last panchnama. The premises of the respondent- assessee were finally searched on March 26, 2002 when certain material was seized and panchnama was also prepared. Thereafter, there was no search at the premises of the assessee. Thus, in so far as the search is con- cerned, that had been concluded on that date. If the material seized by the Revenue, i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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