https://www.taxtmi.com/caselaws?id=182142 The Tribunal invalidated the block assessment under Section 158BD as it was not based on any undisclosed income found during the search, citing precedents. The notice under Section 158BC was deemed valid as the return was filed within the statutory period. However, the notice under Section 158BD was held invalid due to delay beyond a reasonable timeframe. The assessment was also invalidated for relying on third-party statements without allowing cross-examination. The levy of surcharge on tax was not adjudicated due to the quashing of the assessment order. The Tribunal upheld the CIT(A)'s decision to assess income in the hands of NITS, not the assessee. en-us Mon, 31 Mar 2008 00:00:00 +0530 Tue, 03 May 2016 16:22:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182142 The Tribunal invalidated the block assessment under Section 158BD as it was not based on any undisclosed income found during the search, citing precedents. The notice under Section 158BC was deemed valid as the return was filed within the statutory period. However, the notice under Section 158BD was held invalid due to delay beyond a reasonable timeframe. The assessment was also invalidated for relying on third-party statements without allowing cross-examination. The levy of surcharge on tax was not adjudicated due to the quashing of the assessment order. The Tribunal upheld the CIT(A)'s decision to assess income in the hands of NITS, not the assessee. Case-Laws Income Tax Mon, 31 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182142