https://www.taxtmi.com/caselaws?id=457704 The Madras HC upheld the Tribunal's decision that a block assessment order dated 30.06.2003 was time-barred under section 158BE. The prohibitory order was lifted on 29.01.2001, making the time limit for completing assessment 31.01.2003. The assessment completed on 30.06.2003 exceeded this deadline. The HC rejected the Revenue's argument that subsequent panchanamas extended the limitation period, holding that search cannot remain in suspended animation. The SC had dismissed the Revenue's appeal in a related case, and the substantial questions of law were decided in favor of the assessee. en-us Mon, 31 Jan 2022 00:00:00 +0530 Wed, 25 Sep 2024 23:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457704 The Madras HC upheld the Tribunal's decision that a block assessment order dated 30.06.2003 was time-barred under section 158BE. The prohibitory order was lifted on 29.01.2001, making the time limit for completing assessment 31.01.2003. The assessment completed on 30.06.2003 exceeded this deadline. The HC rejected the Revenue's argument that subsequent panchanamas extended the limitation period, holding that search cannot remain in suspended animation. The SC had dismissed the Revenue's appeal in a related case, and the substantial questions of law were decided in favor of the assessee. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457704