Last Panchnama’s date relevant for determining ‘limitation period’ in block assessments

Anil Minda and Others Vs CIT (Supreme Court of India) Supreme Court upholds Delhi High Court ruling on interpretation of Explanation 2 to Section 158BE with respect to limitation period for completion of assessment under Section 158BC; Delhi High Court had set aside ITAT order by holding that the limitation period shall be reckoned from the date of last Panchnama though related to first search authorisation out of the two search authorisations; Assessee-Individual was subjected to search operation by authorisation dated 13.03.2001 for which the Panchnama was drawn on 11.04.2001 whereas prior t...