https://www.taxtmi.com/caselaws?id=215195 The court held that the assessment proceedings for the year 1988-89 were time-barred, as the fresh assessment was not completed within the two-year limitation period set by section 153(2A) of the Income Tax Act. Consequently, the penalties imposed under sections 271(1)(c) and 273(2)(aa) were nullified. The court interpreted the Tribunal's order as necessitating a fresh assessment, leading to the conclusion that the excess tax paid must be refunded due to the time-barred assessment proceedings. The petition was allowed, and the assessment proceedings were declared abated for the said year. en-us Mon, 18 Jun 2012 00:00:00 +0530 Tue, 02 Jul 2013 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215195 The court held that the assessment proceedings for the year 1988-89 were time-barred, as the fresh assessment was not completed within the two-year limitation period set by section 153(2A) of the Income Tax Act. Consequently, the penalties imposed under sections 271(1)(c) and 273(2)(aa) were nullified. The court interpreted the Tribunal's order as necessitating a fresh assessment, leading to the conclusion that the excess tax paid must be refunded due to the time-barred assessment proceedings. The petition was allowed, and the assessment proceedings were declared abated for the said year. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215195