Case Law Details
Asstt. Commissioner of Income Tax Vs Shree Ram Lime Products Ltd (ITAT Jodhpur Special Bench)
Reckoning point to compute the time limit will be drawing of last panchnama in respect of any authorization issued in a particular case. However, it has already been held that the “last panchnama” as relevant for Explanation 2 to section 158BE will be the panchnama which show the conclusion of the search. Panchnama dated 3rd January, 2003 in the present case has not recorded the conclusion of search, but, it was a mere formality to revoke prohibitory order passed on 21st December, 2002. Therefore, the limitation was to be reckoned from 21st December, 2002.
FULL TEXT OF THE ORDER OF ITAT JODHPUR
The appeal in the present case is filed by the revenue and the Cross Objections by the assessee and they are directed against order dated 15th December, 2005 passed by CIT (A)-II, Jodhpur. The impugned assessment is framed vide order dated 31st January, 2005 passed u/s 158BC/143(3) of the IT Act, 1961. The grounds of appeal filed by the revenue read as under:-
“ The Ld. CIT (A) has erred in reducing the addition made on account of payment of salaries from Rs.5,03,867/- to Rs.1,19,333/- and thereby allowing a relief of Rs.3,84,534/-.
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