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TMI Blog2017 (1) TMI 1101X X X X Extracts X X X X X X X X Extracts X X X X ..... o far as the other two years are concerned, it is a fact that the assessment was completed in respect of assessment years 1996-97 on 24.03.1999, i.e., before the block assessment was completed. For the other years, i.e., assessment years 1997-98 it was completed on 22.03.2000 which is after the completion of the block assessment. However, in both cases, the regular assessments were completed after the search and seizure proceedings took place on 07.08.1997. If in fact the search and seizure proceedings alerted the Revenue as to the possibility of the assessee having practiced deceit as is being alleged now, there was nothing which prevented it from carrying out proper investigation and enquiry during the regular assessments which were compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22.03.2000. The block assessments for the four years in question were completed on 31.08.1999. 4. The block assessments were by and large confirmed by the CIT (A) who granted relief in respect of certain amount of disallowance. The ITAT, however, was of the opinion that fresh material of the kind warranting the block assessment concluded had not been discovered. It, therefore, set aside the block assessment completed on 31.08.1999 for the four years in question. At the same time, the ITAT also observed in its order that having regard to the fact that no material was forthcoming which could be assessed for such block assessment if the Revenue was of the opinion that a fresh look was needed it could seek other provisions of the law inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the particular facts and circumstances of the case. 6. Counsel for the Revenue relied upon Section 158B (b) and urged that the latter part, i.e., the reference to non-disclosure of any expense, deduction or allowance claimed under this Act which is found to be false was inserted by the Finance Act, 2002 with retrospective effect from 1.7.1995 and that in the circumstances of the case, the reassessment notices were justified. 7. This Court is of the opinion that so far as the petitioner s claim with respect to the notice being time barred in W.P.(C) 3893 3894/2004 are concerned, there is really no answer. The notice was indefensible when looked at from any angle. The period of limitation prescribed by Section 147 (1) in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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