https://www.taxtmi.com/caselaws?id=264301 The appeals challenged the ITAT, Delhi Bench 'H' decision, which held that the notice under Section 148 of the Income Tax Act was time-barred. The case involved tax liability on interest income earned by UPFC and UFDC. The judgment emphasized the need to provide a hearing to third parties whose liability is determined during assessment. As UFDC was not heard by the ITAT, the reassessment notice was deemed time-barred. The decision favored the assessee, dismissing all appeals and affirming the ITAT's ruling while rejecting the Revenue's challenge. en-us Thu, 13 Aug 2015 00:00:00 +0530 Tue, 22 Sep 2015 06:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264301 The appeals challenged the ITAT, Delhi Bench 'H' decision, which held that the notice under Section 148 of the Income Tax Act was time-barred. The case involved tax liability on interest income earned by UPFC and UFDC. The judgment emphasized the need to provide a hearing to third parties whose liability is determined during assessment. As UFDC was not heard by the ITAT, the reassessment notice was deemed time-barred. The decision favored the assessee, dismissing all appeals and affirming the ITAT's ruling while rejecting the Revenue's challenge. Case-Laws Income Tax Thu, 13 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264301