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of <h1>High Court Confirms Block Assessment u/s 132 of Income Tax Act Was Time-Barred; Assessment Finalized Late.</h1> A search under Section 132 of the Income Tax Act was conducted on the assessee on 31.10.2000, requiring block assessment completion by 31.10.2002. The assessment was finalized on 27.12.2002, which the assessee claimed was beyond the legal time limit. The Revenue argued that a panchnama dated 23.12.2000 extended the deadline to 31.12.2002. The High Court found no justification for the delay between searches and upheld the ITAT's decision that the assessment was time-barred, confirming it was completed beyond the permissible period.
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