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TMI Blog2012 (1) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax(A). Therefore, we heard both the appeals and the cross objections together and disposing of the same by this common order. 2. The issue raised in the cross objections go to the root of the assessment i.e. with regard to the validity of the block assessment order. Therefore, we take up the cross objections first. 3. Shri T.M. Sreedharan, the ld.senior counsel for the assessee submitted that there was a search on 27-07-1999 in the case of Shri M Reghunathan and the block assessment was completed in respect of the person searched on 31-07-2001. Notice u/s 158BD were issued in respect of the present assesses on 27-09-2004. The block assessment was completed on 02-02-2007. According to the ld.senior counsel, there was a delay o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he authorized officer to examine the books of account or other documents or any money, bullion, jewellery or other valuable articles and if it is not relatable to any person against whom search was conducted, he has to hand over the same to the concerned assessing officer having jurisdiction over such person within the period of 60 days from the date on which the last authorization for the search was executed. Therefore, u/s 132(9A) of the Act, the officer, who has conducted the search has to examine the documents within 60 days and if it does not relate to the person against whom search was conducted, he has to handover the same to the concerned officer, who is having jurisdiction over the person against whom the material was found. This i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or a complete code for assessment of undisclosed income as different from the assessment of normal income in regular assessment. The concept of undisclosed income as different from what we may call as normal or regular income is at the very core of this chapter. 111. It is in this context that we have to view the provisions of section 158BD of the Act. It is not as if the said provision can be invoked at the whims of the Assessing Officer. On the other hand, the section has certain built in requirements which have to be scrupulously followed as held in the case of Manish Maheshwari (supra) if an attack against an order under this section has to be repelled. The first pre-condition is that the Assessing Officer examining the material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. The Special Bench again observed as follows on page 484 at paragraph 114 115: 114. Section 158BE provides for time limit for completion of block assessment. It stipulates that the order under section 158BC shall be passed within two years from the end of the month in which the last of the authorization for search under section 132 was executed or for requisition under section 132A a the case may be and so the order envisaged under section 158BC has necessarily to be passed within this time frame set in law. If there is a time-limit for passing such order, there is an implied time limit for giving a finding as to the person to whom the undisclosed income belongs which under no circumstance can be beyond the time-limit set in sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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