https://www.taxtmi.com/caselaws?id=291657 Only the effective conclusion of a search, as reflected in the last substantive panchnama, counts for limitation; later panchnamas drawn for formal continuation do not extend time, so the block assessment was quashed as time-barred. On merits, additions for stock valuation variation, alleged hawala/peak credits in bank deposits, estimated profit on supposed suppressed sales, double addition from section 132(4) disclosure differences, protective bank additions, and an unproven Karnataka sales tax penalty were deleted for lack of supporting material. The excess stock addition relating to M/s. Acryplast Pvt. Ltd. was restored, and surcharge was held not leviable in such search assessments. en-us Fri, 28 Jul 2006 00:00:00 +0530 Fri, 20 Nov 2020 13:35:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291657 Only the effective conclusion of a search, as reflected in the last substantive panchnama, counts for limitation; later panchnamas drawn for formal continuation do not extend time, so the block assessment was quashed as time-barred. On merits, additions for stock valuation variation, alleged hawala/peak credits in bank deposits, estimated profit on supposed suppressed sales, double addition from section 132(4) disclosure differences, protective bank additions, and an unproven Karnataka sales tax penalty were deleted for lack of supporting material. The excess stock addition relating to M/s. Acryplast Pvt. Ltd. was restored, and surcharge was held not leviable in such search assessments. Case-Laws Income Tax Fri, 28 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291657