https://www.taxtmi.com/caselaws?id=172481 The ITAT dismissed the Department's appeal, holding that the assessment was time-barred under Section 158BE of the IT Act, as the substituted provision by the Finance Act, 2002, lacked retrospective effect. The Tribunal found the CIT's extension of the special audit period under Section 142(2A) invalid, emphasizing that only the AO could extend time under Section 142(2C). The court upheld that the limitation period was not extended by the subsequent amendment, affirming the assessment order's invalidity due to the lapse of the statutory period. The appeal was dismissed, reinforcing the statutory limitation's finality. en-us Tue, 21 Sep 2004 00:00:00 +0530 Thu, 06 Jun 2024 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172481 The ITAT dismissed the Department's appeal, holding that the assessment was time-barred under Section 158BE of the IT Act, as the substituted provision by the Finance Act, 2002, lacked retrospective effect. The Tribunal found the CIT's extension of the special audit period under Section 142(2A) invalid, emphasizing that only the AO could extend time under Section 142(2C). The court upheld that the limitation period was not extended by the subsequent amendment, affirming the assessment order's invalidity due to the lapse of the statutory period. The appeal was dismissed, reinforcing the statutory limitation's finality. Case-Laws Income Tax Tue, 21 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172481