TMI Blog2015 (1) TMI 748X X X X Extracts X X X X X X X X Extracts X X X X ..... date i.e. 18.06.2003. In these circumstances this Court holds that the notices did not accord with the Supreme Court’s declaration of law in MANISH MAHESHWARI case [2007 (2) TMI 148 - SUPREME COURT OF INDIA] and was unduly delayed. They cannot be considered as having been recorded immediately after the completion of assessment proceedings under Section 158BC Income Tax Act. - Decided in favour of assessee. - ITA 996/2009, ITA 1163/2009 - - - Dated:- 8-1-2015 - S. Ravindra Bhat And R. K. Gauba,JJ. For the Appellant : Mr. Rohit Madan, Mr.Ruchir Bhatia and Mr.Akash Vajpai, Advs. For the Respondent : Mr.Pradeep Aggarwal and Mr.Anurag Jain, Advs. ORDER Mr. Justice S. Ravindra Bhat (Open Court) 1. The present appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 158BD of the Act. 2. In the present case, the ITAT originally had accepted the contentions of the assessee that the satisfaction note recorded, in their case was delayed and also had, inter alia, recorded that the satisfaction note did not accord with the requirements of Section 158 BD as per the judgment of Supreme Court reported as CIT vs. Manish Maheshwari (2007) 289 ITR 341 (SC). In both the cases the facts are common and are discussed hereinafter. 3. The search of one Sh. Manoj Aggarwal was conducted on 03.08.2000, thereafter notice was issued to him. His Assessing Officer considering the block returns submitted by the searched person and the material supplied and forthcoming during the search proceedings completed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nths after the assessment of searched person; the assessment was completed on 29.08.2002 and the satisfaction note was recorded 06.03.2003. This Court recollects that the extended period within which the Revenue has been permitted to issue notice under Section 158BD in such cases is subject to condition of it being immediate or contemporaneous to the time when assessment of the searched persons is completed. 4. Since the limitation period for completion of block assessment, or in the case of searched persons as well as the third party who is issued notice is two years, it is reasonable to assume that the revenue can be given latitude of six months which can be considered as immediate or immediately proximate in point of time. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
