https://www.taxtmi.com/caselaws?id=62760 The Tribunal upheld the validity of the block assessment made under section 158BC of the Income-tax Act, 1961, rejecting the assessee-company's contention that the assessment was barred by limitation. The Tribunal determined that the search, initially concluded on September 15, 2000, was lawfully extended with a prohibitory order under section 132(3) and concluded on October 4, 2000, with a second panchnama. Thus, the assessment completed on October 31, 2002, was within the permissible two-year limit. The Tribunal dismissed the appeal, affirming the Commissioner of Income-tax (Appeals)'s decision. en-us Fri, 04 Apr 2008 00:00:00 +0530 Sat, 16 Dec 2023 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62760 The Tribunal upheld the validity of the block assessment made under section 158BC of the Income-tax Act, 1961, rejecting the assessee-company's contention that the assessment was barred by limitation. The Tribunal determined that the search, initially concluded on September 15, 2000, was lawfully extended with a prohibitory order under section 132(3) and concluded on October 4, 2000, with a second panchnama. Thus, the assessment completed on October 31, 2002, was within the permissible two-year limit. The Tribunal dismissed the appeal, affirming the Commissioner of Income-tax (Appeals)'s decision. Case-Laws Income Tax Fri, 04 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62760