https://www.taxtmi.com/caselaws?id=209970 The High Court upheld the ITAT's decision that the assessment order was time-barred due to the Assessing Officer's lack of authority to extend the audit period suo motu before the amendment to Section 142(2C) of the Income Tax Act, effective from 1st April 2008. The court determined that the amendment was prospective, not retrospective, and clarified that the AO's power to extend the audit period independently only existed post the mentioned amendment. Consequently, the court ruled in favor of the Assessee, dismissing all appeals brought by the Revenue. en-us Fri, 27 May 2011 00:00:00 +0530 Sat, 06 Jul 2013 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209970 The High Court upheld the ITAT's decision that the assessment order was time-barred due to the Assessing Officer's lack of authority to extend the audit period suo motu before the amendment to Section 142(2C) of the Income Tax Act, effective from 1st April 2008. The court determined that the amendment was prospective, not retrospective, and clarified that the AO's power to extend the audit period independently only existed post the mentioned amendment. Consequently, the court ruled in favor of the Assessee, dismissing all appeals brought by the Revenue. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209970