TaxTMI 
TaxTMI 
2015 (5) TMI 1214
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....nal for a fresh disposal of the Grounds of Appeal Nos.1, 2 and 3 raised by the assessee in its original Memo of Appeal filed before the Tribunal. The operative part of the order of the Hon'ble Bombay High Court is reproduced as under :- "8. Thus, the question as formulated is answered in favour of the assessee and the impugned order of the Tribunal is set aside to the extent it rejects ground nos. 1,2 and 3 and the same are restored to the file of the Tribunal for fresh disposal. It may be pointed out that the CIT (Appeals) after having rejected the Appellant's additional grounds proceeds further to deal with the ground nos.1, 2 and 3 and rejects the same on merits. This is an additional reason that the Tribunal ought to have considered grounds 1,2, and 3 raised by the Appellant on merits which it failed to do. 9. Accordingly, impugned order dated 19.10.2012 is set aside to the extent it reject the appellant's grounds nos.1,2 and 3. On the aforesaid issue alone the appeal is restored to the Tribunal. The Tribunal is directed to hear the Appellant and pass a fresh order on ground nos.1,2 and 3 urged by the appellant as expeditiously as possible and preferably withi....
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....Niwas, Mumbai-400006 (in short 'the Krishna Niwas'), which is a residential building owned by assessee's mother where the assessee was residing. Search operations were carried out at the Rotunda Building on 9.12.1997 and 13.1.1998. As per the panchnama drawn up on 13.1.1998 in the course of search, certain shares / stocks belonging to the assessee were found but not seized. The said share certificates, transfer deeds and other papers kept in a Wooden Cabinet in the Rotunda Building were inventoried and listed as Annexure-2 to the panchnama dated 13.01.1998. Paras 5, 8 and 9 of the panchnama are relevant, which read as under :- "5. In the course of the search. (a) The following were found and seized. (i) Books of accounts and documents as per annexure "A" ( NIL sheets). (ii) Bullion i.e. gold silver etc as per Annexure "B" (NIL sheets). (iii) Cash as per annexure - "C" ( NIL sheets). (iv) Jewellery, ornaments etc. which have been inventorised separately for each place from where recovered as per annexure - "J" ( NIL sheets). (v) Silver articles, and silverware as per annexure - "S" ( NIL sheets). (vi) O....
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.... (iii) Cash as per Annexure - "C" ( NIL sheets). (iv) Jewellery, ornaments etc. which have been inventorised separately for each place from whom recovered as per annexure - "J" ( NIL sheets). (v) Silver articles, and silverware as per annexure - "S" ( NIL sheets). (vi) Other valuables, lockers keys F.Ds. etc as per annexure "O" ( NIL sheets). (b) The following were found but not seized:__N.A.__ (i) Book of accounts and documents as per Annexure. Marks of identification were placed on them and the specimen of the marks and the pages where these have been placed are shown in the inventory prepared viz. Annexure (ii) The other valueable articles (including money) as per Annexure. (Separate inventories of jewellery, ornaments, silverware etc. were prepared for items found in different places or claimed to be belong to different persons) ................................................................... .............................................................................. 8. The search commenced on 06.02.1998 at 11:00 a.m. The proceedings were closed on 06.02.1998 at 11:....
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....er inasmuch as on 9.2.1998, the Prohibitory Order passed on 13.1.1998 was merely vacated / revoked at the Rotunda Building. 9. In order to appreciate the rival stands it would be appropriate to briefly touch upon the legal position on the subject, more precisely to understand the meaning and import of the expression "last panchnama" used in clause (a) of Explanation 2 below section 158 BE(1) of the Act. On the said subject, the learned representative for the assessee relied upon the judgment of the Hon'ble Delhi High Court, in the case of CIT Vs. Shri S. Katyal (2009) 308 ITR 168(Del) to justify that panchnama dated 6.2.1998 was not a panchnama relevant to decide the conclusion of search for the purposes of section 158BE(1) of the Act. In the case before the Hon'ble Delhi High Court, the issue related to the limitation for framing a block assessment in terms of section 158BE of the Act. The Revenue sought to justify the period of limitation on the basis of a panchnama which was said to be the 'last panchnama' which concluded the search. The assessee assailed the said position on the ground that such 'last panchnama' did not conclude the search, as no search was carried out on th....
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....anchnama of the type which finds mention in the said Explanation 2(a) to Section 158BE. This discussion leads us to the question- was the panchnama of 3.1.2001 of the type mentioned in the said Explanation 2 (a) ? from the facts narrated above, it is clear that the panchnama of 3.1.2001 itself reveals that nothing was seized on that date. Nor was anything "found" on that date. In fact, no search was conducted. The jewellery that was put in the cash box of the almirah had already been searched, found, inventoried and valued by the DVO on 17.11.2000 itself. Nothing remained to be searched thereafter. And, in fact, no further search was conducted after 17.11.2000. Obviously , nothing else could be found. All that was done on 3.1.2001, in the presence of the witnesses (panchas), was that the seals were removed from the cash box and the almirah and the keys were handed back o the assessee. Essentially, the revocation of the restraint order was given effect to. This is exactly what the Tribunal found as a fact and meant when it concluded that the panchnama dated 3.1.2001 was merely a release order and could not extend the period of limitation. 10. The aforesaid discussion by the Ho....