https://www.taxtmi.com/caselaws?id=33536 The court held that the Assessing Officer's jurisdiction under section 158BB of the Income-tax Act extends to estimating income beyond material found during a search, based on best judgment. The Tribunal's deletion of trading additions and unexplained opening capital was deemed justified, considering legal and factual aspects. Regarding the limitation period for block assessments under section 158BE, the court found the Tribunal's misinterpretation, ruling the assessment time-barred. As a result, the assessee's cross-objection was allowed, annulling the assessment and appellate orders, while the Revenue's appeal was rejected. en-us Fri, 18 Jan 2008 00:00:00 +0530 Fri, 22 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33536 The court held that the Assessing Officer's jurisdiction under section 158BB of the Income-tax Act extends to estimating income beyond material found during a search, based on best judgment. The Tribunal's deletion of trading additions and unexplained opening capital was deemed justified, considering legal and factual aspects. Regarding the limitation period for block assessments under section 158BE, the court found the Tribunal's misinterpretation, ruling the assessment time-barred. As a result, the assessee's cross-objection was allowed, annulling the assessment and appellate orders, while the Revenue's appeal was rejected. Case-Laws Income Tax Fri, 18 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33536