Ten-year block period not applies to Income Tax searches before 01.04.2017

PCIT Vs  Karina Airlines International Ltd. (Delhi High Court) Principal Commissioner of Income Tax (PCIT) challenged the order passed by the Income Tax Appellate Tribunal (ITAT) regarding the applicability of Section 153C in the case of Karina Airlines International Ltd. The ITAT had quashed the assessment, primarily citing the Finance Act, 2017 amendments which introduced changes to Section 153C. The amendment extended the assessment period for ten years post-search, but the ITAT concluded that the amendment could not apply as the search occurred in 2016, before the Finance Act came into ef...