https://www.taxtmi.com/caselaws?id=208292 The court held that the two-year period for completion of block assessments in cases of search under the Income-tax Act is calculated based on the conclusion of the search as recorded in the last panchnama, not on subsequent actions like inventory preparation or material examination. Any post-search activities by revenue authorities do not extend the limitation period. The judgment emphasizes adherence to statutory provisions to prevent misuse by authorities seeking to prolong the limitation period. Consequently, the court upheld the Tribunal's decision that the assessment was time-barred, leading to the dismissal of the appeal. en-us Tue, 01 Sep 2009 00:00:00 +0530 Mon, 17 Dec 2012 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208292 The court held that the two-year period for completion of block assessments in cases of search under the Income-tax Act is calculated based on the conclusion of the search as recorded in the last panchnama, not on subsequent actions like inventory preparation or material examination. Any post-search activities by revenue authorities do not extend the limitation period. The judgment emphasizes adherence to statutory provisions to prevent misuse by authorities seeking to prolong the limitation period. Consequently, the court upheld the Tribunal's decision that the assessment was time-barred, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 01 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208292