Anjuga Chit Fund P. Ltd. vs Deputy Commissioner of Income Tax

F.M. Ibrahim Kalifulla, J.—At the foremost, Mr. S. Sridhar, learned Counsel appearing for the appellant, raised the following substantial question of law, viz.,

Whether the Tribunal was correct in law in sustaining the block assessment framed in terms of Section 158BC of the Act in the hands of the appellant in spite of lack of jurisdiction of the respondent to frame such an assessment in view of incurable defects in the authorisation of search and in the panchanama prepared?

As far as the said question of law is concerned, the learned Counsel contended that the search party in the course of the search had in their possession a blank panchanama and filed the same at the time of the search which is not valid in law.

When we examine the said submission of the learned Counsel with reference to the order impugned in this appeal, we find that no such allegation was ever raised before the Tribunal nor was any materials placed before the Tribunal in support of the said submission.

Therefore, in the absence of any such point having been raised before the Tribunal, it is not now open to the appellant to raise such a grievance for the first time in this appeal.

We are not, therefore, in a position to examine the substantial question of law raised in this appeal. The appeal, therefore, fails and the same is dismissed.