https://www.taxtmi.com/caselaws?id=328664 The Tribunal allowed the appeal in favor of the assessee, setting aside the order passed by the Assessing Officer due to it being barred by limitation. The Tribunal held that the order, issued eight years after the notice, exceeded the prescribed time limit as clarified by a Bombay High Court decision. The decision emphasized compliance with the one-year completion timeline for proceedings under sections 201(1) and 201(1A) of the Income Tax Act, leading to the favorable outcome for the assessee. en-us Wed, 01 Jun 2016 00:00:00 +0530 Fri, 10 Jun 2016 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328664 The Tribunal allowed the appeal in favor of the assessee, setting aside the order passed by the Assessing Officer due to it being barred by limitation. The Tribunal held that the order, issued eight years after the notice, exceeded the prescribed time limit as clarified by a Bombay High Court decision. The decision emphasized compliance with the one-year completion timeline for proceedings under sections 201(1) and 201(1A) of the Income Tax Act, leading to the favorable outcome for the assessee. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328664