https://www.taxtmi.com/caselaws?id=329919 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the assessment year 1988-89, ruling that the assessment was time-barred as it exceeded the statutory timelines. Despite extensions granted under sections 153 and 153(4) of the Income Tax Act, the assessment completion date of 31st March, 2003, was deemed beyond the permissible limits. The Court dismissed the revenue's appeal, emphasizing the importance of adhering to prescribed timelines in assessments and directing parties to bear their own costs. en-us Fri, 01 Jul 2016 00:00:00 +0530 Wed, 10 Aug 2016 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329919 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the assessment year 1988-89, ruling that the assessment was time-barred as it exceeded the statutory timelines. Despite extensions granted under sections 153 and 153(4) of the Income Tax Act, the assessment completion date of 31st March, 2003, was deemed beyond the permissible limits. The Court dismissed the revenue's appeal, emphasizing the importance of adhering to prescribed timelines in assessments and directing parties to bear their own costs. Case-Laws Income Tax Fri, 01 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329919