Summary
- The ITAT has quashed a search assessment, stating that limitation under Section 153B must be computed separately for each person involved.
- This ruling emphasizes that the assessee's own last panchanama is the basis for determining the limitation period, even when a joint search warrant is issued.
- The assessments in question were completed beyond the prescribed period, leading to their annulment.
- This decision could significantly impact future assessments arising from joint searches and their procedural timelines.
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