Appeal Dismissed: Assessment Time-Barred u/s 153(3)(ii) of Income Tax Act; No Substantial Question of Law Found.

The HC condoned the delay in filing the appeal under Section 260A of the Income Tax Act, 1961, but ultimately dismissed the appeal. The HC concurred with the CIT(A) and ITAT that the assessment was barred by limitation under Section 153(3)(ii) of the Act, finding no substantial question of law for consideration.

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Issues involved:
1. Delay in filing the appeal under Section 260A of the Income Tax Act, 1961.
2. Interpretation of provisions of Section 153(3)(ii) of the Act regarding time limitation for assessment.
3. Barred assessment due to limitation.

Analysis:

1. Delay in filing the appeal:
The High Court, after hearing the appellant's counsel and noting the absence of the respondent, decided to exercise discretion and condone the delay in filing the appeal, ultimately allowing the application.

2. Interpretation of Section 153(3)(ii) of the Act:
The main issue raised by the revenue in the appeal was the applicability of Section 153(3)(ii) of the Act, which deals with the time limitation for assessment. The Tribunal had previously noted that the assessment made on the assessee was barred by limitation. Both the Commissioner of Income Tax (Appeals) and the Tribunal had examined the factual position and concluded that the provisions of Section 153(3)(ii) were not attracted in the case. The decision was supported by a previous ruling of the Calcutta Bench of the Tribunal in the case of W.C. Shaw Pvt. Ltd. vs. Assistant Commissioner of Income Tax. Consequently, the High Court found that no substantial question of law arose for consideration in this appeal, leading to the dismissal of the appeal.

3. Barred assessment due to limitation:
The High Court affirmed the findings of the lower authorities that the assessment was barred by time. As a result, the appeal failed on consideration and was dismissed, with the affidavit-of-service being kept with the record.

In conclusion, the High Court's judgment addressed the issues of delay in filing the appeal, interpretation of Section 153(3)(ii) of the Income Tax Act, and the barred assessment due to limitation. The decision highlighted the importance of factual analysis and legal interpretation in determining the outcome of the appeal.

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