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Issues Involved: Appeal against common order by Income-tax Appellate Tribunal for block period April 1, 1989 to July 27, 1999, regarding absence of search warrants and assessment of assets found in bank lockers.
Issue 1 - Absence of Search Warrants: The Tribunal concluded that the proceedings initiated u/s 158BC were void and without jurisdiction due to the absence of search warrants in the name of the assessees. The Tribunal emphasized that the Assessing Officer cannot invoke the provisions of section 158BC without a search warrant. The Department's counsel acknowledged the non-issuance of search warrants for the assessees, leading to the Tribunal's decision that the block assessment proceedings were invalid. Issue 2 - Assessment of Assets Found in Bank Lockers: While the officer had a search warrant for the bank locker and found assets like jewellery, money, and bonds, the Tribunal found that no additions were made based on these assets in either case. The Tribunal noted that the lockers were operated jointly by the assessees and their husbands. Consequently, the Tribunal deemed it unnecessary to entertain the appeals, considering the lack of additions made from the assets found in the lockers. The Tribunal's decision to dismiss the appeals was based on the absence of search warrants for the assessees, rendering the block assessment proceedings invalid. Additionally, the Tribunal highlighted that no additions were made from the assets found in the bank lockers operated jointly by the assessees and their husbands, leading to the conclusion that pursuing the appeals would be futile in these circumstances.
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