Law:

Section:

Section 158BE of the Income-tax Act, 1961 - Block assessment in search cases - Time-limit for completion of - Block assessment years 1997-98 to 2002-03 - Department made search in residential and official premises of assessee on 27-3-2003 and 28-3-2003 respectively - Separate panchanamas were prepared and prohibitory orders dated 27-3-2003 and 28-3-2003 were passed under section 132(3) - Search, however, was not concluded on those dates and was continued on 17-6-2003 in residential premises and on 12-6-2003 and 14-6-2003 in business premises and prohibitory orders dated 27-3-2003 and 28-3-2003 in respect of residential and business premises respectively were lifted - Search in residential and business premises was finally concluded on 17-6-2003 and 14-6-2003 respectively followed by three panchnamas, one dated 17-6-2003 in respect of residential premises and two others dated 12-6-2003 and 16-6-2003 in respect of business premises - Thereafter, in pursuance of separate warrant of authorization a search was held in Standard Chartered Bank on 28-8-2003 during which certain bonds were found and seized from overdraft account maintained by assessee - Thereafter, block assessment order was passed on 30-6-2005 - Assessee questioned validity of block assessment on ground that same, having been passed beyond two years from end of month in which last authorization was executed, was barred by limitation and was without jurisdiction - Revenue's case was that search and seizure held on 28-8-2003 was in continuation of search commenced on 26-3-2003 and as conclusion of search was on 28-8-2003, block assessment order passed on 30-6-2005 was not hit by limitation - Whether since it was definitely recorded in panchanamas that search in respect of both residential and business premises was finally concluded on 17-6-2003 and 14-6-2003, search held on 28-8-2003 could not be treated to be in continuation of earlier search initiated on 26-3-2003 and, therefore, panchanama dated 28-8-2003 could not be treated as last panchanama for purpose of reckoning commencement of time limit of two years - Held, yes - Whether what was done on 17-6-2003, 12-6-2003 and 14-6-2003 was only lifting…

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