https://www.taxtmi.com/caselaws?id=342694 The Court upheld the decision that the assessment order for the Assessment Year 2003-04 was time-barred under Section 153(1) of the Income Tax Act, 1961. The assessment order made on 14th September 2006, beyond the limitation period, was deemed invalid. The Court dismissed the Revenue's appeal, affirming that the assessment was indeed barred by limitation. Additionally, the extension granted for submission of the audit report was found to be invalid as it exceeded the statutory limit. The Court emphasized the requirement for a valid application for extension and highlighted the limitations imposed by the proviso to Section 142(2C) inserted from 1st April 2008. en-us Fri, 05 May 2017 00:00:00 +0530 Sat, 17 Jun 2017 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342694 The Court upheld the decision that the assessment order for the Assessment Year 2003-04 was time-barred under Section 153(1) of the Income Tax Act, 1961. The assessment order made on 14th September 2006, beyond the limitation period, was deemed invalid. The Court dismissed the Revenue's appeal, affirming that the assessment was indeed barred by limitation. Additionally, the extension granted for submission of the audit report was found to be invalid as it exceeded the statutory limit. The Court emphasized the requirement for a valid application for extension and highlighted the limitations imposed by the proviso to Section 142(2C) inserted from 1st April 2008. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342694