https://www.taxtmi.com/caselaws?id=170009 The Tribunal upheld the validity of the assessment order u/s 158BC, stating that the notice issuance during an ongoing search was a procedural irregularity. The Tribunal rejected the contention that the assessment order was time-barred and held that the assessment was within the prescribed timeframe. The Tribunal dismissed challenges to the search's validity and emphasized determining undisclosed income based on search material. It ruled against reliance on retracted statements and invalidated a special audit report obtained without providing a hearing. The Tribunal deleted additions based on seized documents, emphasizing the need for positive evidence. The assessee's appeal was partly allowed, with the Tribunal stressing procedural compliance and fair opportunities for the assessee. en-us Wed, 14 Nov 2007 00:00:00 +0530 Fri, 26 Aug 2016 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170009 The Tribunal upheld the validity of the assessment order u/s 158BC, stating that the notice issuance during an ongoing search was a procedural irregularity. The Tribunal rejected the contention that the assessment order was time-barred and held that the assessment was within the prescribed timeframe. The Tribunal dismissed challenges to the search's validity and emphasized determining undisclosed income based on search material. It ruled against reliance on retracted statements and invalidated a special audit report obtained without providing a hearing. The Tribunal deleted additions based on seized documents, emphasizing the need for positive evidence. The assessee's appeal was partly allowed, with the Tribunal stressing procedural compliance and fair opportunities for the assessee. Case-Laws Income Tax Wed, 14 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170009