https://www.taxtmi.com/caselaws?id=66381 Block assessment in a company's case depends on the correct statutory route and the applicable limitation period: where search material and panchnamas show the company was itself searched and proceedings were initiated under section 158BC, the time limit under section 158BE(1) applies, and a later attempt to treat the matter as section 158BD does not alter the original character of the proceedings. The text also states that additions under section 68 in block assessment require seized material linking share capital to undisclosed income; where shareholders' identity is established and no material shows benami or sham investment, mere inability of some shareholders to explain their own sources does not justify addition. en-us Mon, 22 May 2006 00:00:00 +0530 Tue, 17 Jul 2012 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66381 Block assessment in a company's case depends on the correct statutory route and the applicable limitation period: where search material and panchnamas show the company was itself searched and proceedings were initiated under section 158BC, the time limit under section 158BE(1) applies, and a later attempt to treat the matter as section 158BD does not alter the original character of the proceedings. The text also states that additions under section 68 in block assessment require seized material linking share capital to undisclosed income; where shareholders' identity is established and no material shows benami or sham investment, mere inability of some shareholders to explain their own sources does not justify addition. Case-Laws Income Tax Mon, 22 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66381