https://www.taxtmi.com/caselaws?id=210565 The High Court upheld the Tribunal's decisions, affirming that the assessment order was time-barred based on the panchnama dates under Section 158BC of the Income Tax Act. It was held that only the panchnama dated 22nd December 1999 was relevant for calculating the limitation period. Additionally, the Court agreed that the Assessing Officer did not have the authority to extend the time for a special audit report before the amendment in the Finance Act, 2008. The Court dismissed the appeals, supporting the lower authorities' decisions on both issues. en-us Tue, 23 Aug 2011 00:00:00 +0530 Wed, 22 Feb 2012 07:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210565 The High Court upheld the Tribunal's decisions, affirming that the assessment order was time-barred based on the panchnama dates under Section 158BC of the Income Tax Act. It was held that only the panchnama dated 22nd December 1999 was relevant for calculating the limitation period. Additionally, the Court agreed that the Assessing Officer did not have the authority to extend the time for a special audit report before the amendment in the Finance Act, 2008. The Court dismissed the appeals, supporting the lower authorities' decisions on both issues. Case-Laws Income Tax Tue, 23 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210565