2004 (8) TMI 722

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....eferred to as the Act) the assessment is required to be made within a stipulated time and if it is not made then the same would be time-barred. 2. As the Court is required to examine sub-section (1) of section 158BE of the Act, the relevant provision is incorporated hereunder :- "158BE. Time-limit for completion of block assessment.-(1) The order under section 158BC shall be passed- (a )Within one year from the end of the month in which the last of the authorisations for search under section 132 or for requisition under section 132A, as the case may be, was executed in cases where a search is initiated or books of account or other documents or any assets are requisitioned after the 30th day of June, 1995, but before the 1st day of....

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....ed by the learned DR." Thus the case rested on the panchnama which was dated 20th March, 1996 and executed completely on 21-3-1996. This panchnama (copy) is placed before us. It is specifically mentioned at page 4 of the panchnama as under:- "The search commenced on 20th March, 1996 at 8.45 AM. The proceedings were closed on 21-3-1996 at 10.15 AM." 4. Thus it is clear that the authorisation was executed on 21-3-1996. However, learned counsel for the Revenue submitted that the Tribunal has ignored another panchnama made subsequently. On behalf of the assessee it was pointed out that the said panchnama was not produced before the Tribunal and there is no reference to this panchnama in the order of the Assessing Officer. The....