2012 (8) TMI 148

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.... JUDGMENT N. Kumar, J. - ITA No. 1350/2006 is an appeal filed by the revenue challenging the order passed by the Tribunal holding that the assessment order passed under Section 158BE is barred by limitation. 2. The facts are not in dispute. In pursuance of a warrant of authorisation, the premises of the assessee was searched on 6.2.1996. A panchanama was drawn on 7.2.1996. Again the pre....

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.... the assessment order it liable to be set aside on the ground of bar of limitation. The Tribunal at paragraphs 40, 41 and 46 held as under:-- "40. During the course of proceedings before us, the learned DR has filed the copy of appraisal report along with Annexure. At page 3 of such report, it is mentioned that limitation for assessment in the case of Shri DTS Rao is 28th Feb, 97. It means, the....

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....pr, 96 besides the facts that panchanama dated 25th Apr, 96 is not a valid panchanama. Hence, it is held that order passed by the Assessing Officer is barred by limitation." 4. This Court had an occasion to consider which is the panchanama which should be taken as the starting point for computing the period of limitation in the case of C. Ramaiah Reddy v. Asstt. CIT [2011] 339 ITR 210/[2012] 20....

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....c provision provided under the Act for appeal against such orders, in the appeal filed against the assessment order, the Tribunal is not estopped from going into such question". 5. In view of the law laid down by this Court, the time starts running from the date of the first Panchanama. In that view of the matter, the order passed by the Tribunal is in accordance with law and does not suffer fr....