2009 (9) TMI 650

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.... at the premises of the assessee and a restraint order was passed on February 21, 2002. Search again commenced on March 26, 2002 on which date the restraint orders were revoked and panchnama was pre-pared. One carton containing loose papers along with two CPUs and one hard disk were seized. However, notice under section 158BC of the Income-tax Act, 1961 was issued to the respondent-assessee on Mar....

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....02. Thereafter, one CPU was opened on June 6, 2002 and the computer expert reported that no data was stored in the hard disk and panchnama was drawn up. On this basis, the plea raised by the learned counsel for the appellant is that the search should be treated to have been concluded on June 6, 2002 and if the two-year period is rec-koned therefrom, then the assessment order was supposed to be pas....

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.... categorically provided in the aforesaid provision that in the case of search, the two-year period is to be counted on the conclusion of the search as recorded in the last panchnama. The premises of the respondent- assessee were finally searched on March 26, 2002 when certain material was seized and panchnama was also prepared. Thereafter, there was no search at the premises of the assessee. Thus,....