https://www.taxtmi.com/caselaws?id=57643 The Tribunal ruled in favor of the assessee, canceling the assessment as invalid, illegal, and barred by limitation. It found that the search warrant was not valid as it was not in the name of the assessee-company, rendering the assessment under section 158BC invalid. Additionally, the Tribunal concluded that the assessment order was time-barred due to unnecessary prolongation of search proceedings. It also held that there was no undisclosed income discovered as a result of the search, and the Department lacked sufficient grounds to disallow the assessee's claims for depreciation and interest. en-us Tue, 17 Mar 1998 00:00:00 +0530 Tue, 28 Feb 2012 09:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57643 The Tribunal ruled in favor of the assessee, canceling the assessment as invalid, illegal, and barred by limitation. It found that the search warrant was not valid as it was not in the name of the assessee-company, rendering the assessment under section 158BC invalid. Additionally, the Tribunal concluded that the assessment order was time-barred due to unnecessary prolongation of search proceedings. It also held that there was no undisclosed income discovered as a result of the search, and the Department lacked sufficient grounds to disallow the assessee's claims for depreciation and interest. Case-Laws Income Tax Tue, 17 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57643