TaxTMI 
TaxTMI 
2011 (9) TMI 54
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....ises of the assessee and other members of Dugad Family on 26th June 1997. During the course of search, certain incriminating material were seized. Thereupon, notice under Section 158BC of the Act was issued to the assessee on 28th August 1997, pursuant to which block return was filed by the assessee on 25th January 1999. 3. On 16th April 1999, order under Section 142(2A) of the Act was passed by the assessing officer in the case of Shri M.N. Dugad to get the books audited from the Chartered Accountant Shri S.B. Sabne and to submit the special audit report within four months from the date of receipt of the said order. By a letter dated 20th April 1999, the assessee sought clarification from the assessing officer as to whether the order date....
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....ber 1999 vacated the adinterim stay granted on 20th September 1999. This Court further clarified that the stay initially granted on 20th September 1999 in the said Writ Petition was restricted to the case of Shri M.N. Dugad. 7. Thereafter, the special audit was carried out and the report to that effect was submitted. On the basis of the special audit report, block assessment order was passed on 28th July 2000, making additions to the block return filed by the assessee. 8. Challenging the said block assessment order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals). By order dated 30th March, 2001, the Commissioner of Income Tax (Appeals) set aside the assessment order dated 28th July 2000 by follo....
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....s Court on 29th November 1999 had recorded a statement made by the counsel for the Revenue that the special audit would be completed within a period of six months from that date. It is contended on behalf of the Revenue that if the statement made by the Counsel for the Revenue contained in the order dated 29th November, 1999 is taken into consideration, then, the block assessment order passed on 28th July 2000 in the case of the assessee would be in time. Accordingly, it is submitted that the Income Tax Appellate Tribunal was not justified in holding that the block assessment order was barred by time. 12. We find it difficult to accept the above contention of the Revenue. In the case of the assessee, order for special audit under S....