https://www.taxtmi.com/caselaws?id=3800 The court ruled in favor of the assessee in a case involving the time limit for assessment under Section 153(2) of the Income Tax Act, 1961. The court upheld the application of the amended provision to restrict the time limit for completing the assessment, emphasizing compliance with specified timelines. Additionally, the court confirmed the validity of reopening assessment proceedings under Section 147 after a previous assessment was quashed, stating it was legally permissible. The court also held that the Assessing Officer cannot initiate fresh proceedings under Section 147 on identical facts if the earlier assessment failed due to the Income-Tax Authority's lapse, ultimately setting aside the Tribunal's order in favor of the assessee. en-us Fri, 28 Mar 2008 00:00:00 +0530 Sun, 27 Jul 2008 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3800 The court ruled in favor of the assessee in a case involving the time limit for assessment under Section 153(2) of the Income Tax Act, 1961. The court upheld the application of the amended provision to restrict the time limit for completing the assessment, emphasizing compliance with specified timelines. Additionally, the court confirmed the validity of reopening assessment proceedings under Section 147 after a previous assessment was quashed, stating it was legally permissible. The court also held that the Assessing Officer cannot initiate fresh proceedings under Section 147 on identical facts if the earlier assessment failed due to the Income-Tax Authority's lapse, ultimately setting aside the Tribunal's order in favor of the assessee. Case-Laws Income Tax Fri, 28 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3800