9911796707
TMI Blog2013 (1) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... aw in rejecting the contentions of the appellant that the block assessment made on the appellant under Section 158BC and not under Section 158BD of the Income Tax Act, 1961 and the block assessment was not barred by limitation ?" 2. It is a matter of record that consequent on the search in the premises of one A.N.Dyaneswaran on 19.1.1996 the assessee's residence was also subjected to search on the very same date under Section 132 of the Income Tax Act and certain materials were stated to have been seized. Based on the materials thus seized the block assessment was completed raising the demand therein. Aggrieved by the assessment, the assessee went on appeal before the Income Tax Appellate Tribunal contending that the assessment was barred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of search as 19.1.1996, wherein the Revenue seized certain incriminating materials, the correct provision which cover the case herein would be Section 158BC. Section 158BD would have relevance only in such of those cases where based on the search conducted in the premises of one person, any other person is sought to be assessed under Chapter XIVB and Section 158BD would assume significance. In other words, Section 158BD will have relevance only in such of those cases where the Assessing Officer is satisfied that the undisclosed income belongs to a person other than the person in respect of whom search was made under Section 132 or whose books of account or other documents or any assets were requisitioned under Section 132A. In such an ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the admitted facts herein, as noticed in the assessment order that the assessee was also subjected to search on 19.1.1996 and the case of the assessee falling under Section 158BC, the relevant provision for limitation would be only as per Section 158BE(1)(a). That being the case, the file noting has no significance for the purpose of working out the limitation. Thus, on the search conducted on 19.1.1996 the notice of assessment was issued on 20.9.1996. However the assessment was made only on 22.9.1997. When the limitation for completion of the assessment under Section 158BC is one year from the end of the month in which the last of the authorisation for search was executed and it having already expired, we have no hesitation in setting as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
