https://www.taxtmi.com/caselaws?id=62220 Section 144B draft-assessment procedure extended limitation under Explanation 1(iv) to section 153 only where a draft order was followed by effective directions under section 144B(4) on the objections raised. The Tribunal held that the limitation clock ran from forwarding of the draft order until receipt of valid directions, and that the statutory mechanism was not completed here because no effective direction was issued on the first draft order and the second draft order did not cure the defect. The assessment was therefore treated as time-barred and could not be sustained. en-us Fri, 29 May 1992 00:00:00 +0530 Tue, 18 Jan 2011 16:10:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62220 Section 144B draft-assessment procedure extended limitation under Explanation 1(iv) to section 153 only where a draft order was followed by effective directions under section 144B(4) on the objections raised. The Tribunal held that the limitation clock ran from forwarding of the draft order until receipt of valid directions, and that the statutory mechanism was not completed here because no effective direction was issued on the first draft order and the second draft order did not cure the defect. The assessment was therefore treated as time-barred and could not be sustained. Case-Laws Income Tax Fri, 29 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62220