Scope of Section 153(3) of the Income Tax where it does not prescribe the time limit for completion of assessment and reassessment - whether it is unlimited? https://www.taxtmi.com/news?id=226 The provision creates a category of assessments that are not subject to the ordinary statutory time limits, permitting completion "at any time" in specified circumstances; however, where the revenue's initiation of such proceedings followed an inordinate and unexplained delay and showed lack of due diligence after the assessee's refund representations, the court quashed the late proceedings as procedurally unfair. en-us Wed, 12 Dec 2007 14:51:00 +0530 Wed, 25 Jun 2008 11:20:00 +0530 TaxTMI RSS Generator Scope of Section 153(3) of the Income Tax where it does not prescribe the time limit for completion of assessment and reassessment - whether it is unlimited? https://www.taxtmi.com/news?id=226 The provision creates a category of assessments that are not subject to the ordinary statutory time limits, permitting completion "at any time" in specified circumstances; however, where the revenue's initiation of such proceedings followed an inordinate and unexplained delay and showed lack of due diligence after the assessee's refund representations, the court quashed the late proceedings as procedurally unfair. News - Wed, 12 Dec 2007 14:51:00 +0530 https://www.taxtmi.com/news?id=226