2019 (10) TMI 1592 - SCH - Income Tax

Validity of assessment made u/s 158BC - limitation period prescribed u/s 158BE - As Decided by HC 2012 (12) TMI 164 - MADRAS HIGH COURT as to the search completed on 13.12.2001 with drawing of the panchanama and the search party leaving the premises, the mere fact that the panchanama contain the observation that search continues per se would not enable the search party to keep the search in a suspended animation to carry on the search in future date to contend that the limitation has to be worked out on the last panchanama drawn ie. 15.02.2002, thus calculating the limitation from 15.02.2002. We have no hesitation in accepting the case of the assessee that the limitation ends on 31.12.2003. HELD THAT - The Appeal is dismissed on the ground of low tax effect. The question of law is left open.