https://www.taxtmi.com/caselaws?id=376055 A belated challenge to a search under the Income-tax Act, based on the alleged absence of panch witnesses, was not entertainable when no objection had been raised before the search party or the Assessing Officer. Limitation under Section 153B was not attracted merely because the assessment order was dispatched later on the last day of the limitation period. Search materials showing unaccounted stock, defective accounts, and sales slips justified rejection of books and estimation of turnover, and no perversity was shown. A new plea that the undisclosed stock was the managing partner's personal investment could not be raised for the first time in second appeal. en-us Thu, 14 Feb 2019 00:00:00 +0530 Sat, 29 Jun 2019 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376055 A belated challenge to a search under the Income-tax Act, based on the alleged absence of panch witnesses, was not entertainable when no objection had been raised before the search party or the Assessing Officer. Limitation under Section 153B was not attracted merely because the assessment order was dispatched later on the last day of the limitation period. Search materials showing unaccounted stock, defective accounts, and sales slips justified rejection of books and estimation of turnover, and no perversity was shown. A new plea that the undisclosed stock was the managing partner's personal investment could not be raised for the first time in second appeal. Case-Laws Income Tax Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376055