https://www.taxtmi.com/caselaws?id=204881 The Punjab and Haryana High Court ruled in favor of the Revenue in a case concerning the validity of reassessment proceedings for the assessment year 1995-96. The Court held that the notice issued under section 154 of the Income-tax Act was time-barred, rendering the reassessment proceedings invalid. The Court emphasized the need to comply with statutory limitations and procedures, setting aside the Tribunal's order and remanding the matter for fresh consideration. The parties were directed to appear before the Tribunal for further proceedings, clarifying the distinction between rectification and reassessment processes under the Act. en-us Tue, 27 Jul 2010 00:00:00 +0530 Tue, 18 Dec 2012 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204881 The Punjab and Haryana High Court ruled in favor of the Revenue in a case concerning the validity of reassessment proceedings for the assessment year 1995-96. The Court held that the notice issued under section 154 of the Income-tax Act was time-barred, rendering the reassessment proceedings invalid. The Court emphasized the need to comply with statutory limitations and procedures, setting aside the Tribunal's order and remanding the matter for fresh consideration. The parties were directed to appear before the Tribunal for further proceedings, clarifying the distinction between rectification and reassessment processes under the Act. Case-Laws Income Tax Tue, 27 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204881