Income Tax Assessment Order

[Mihir Modak]

Is it mandatory to pass the Income Tax Order in case assessment proceedings are initiated u/s 143 or 148. In one of the cases the limitation period was 31.03.2024 and order was not passed till that date. The Current Status of the Assessment Proceedings is showing as 'open' on the portal. Any action to be taken by assessee in such case as the proceedings still 'Open'.

[SACHIN GARG]

Yes. It is mandatory for AI to pass order. As the order has time barred, Assessee need not do anything about it.

AI Summary

Mandatory assessment order: assessing officer must pass order even if proceedings are time-barred; assessee need not act. Assessing officers must pass an assessment order once proceedings are initiated; if the statutory limitation for assessment has expired and no order is passed, the proceedings are time-barred and the assessee need not take any action.