https://www.taxtmi.com/caselaws?id=10553 The High Court held that the assessment based on the revised return was invalid due to exceeding the two-year time limit under section 153(1) of the Income-tax Act, 1961. The original return filed under section 139(4) was considered, and the Tribunal's decision was set aside. The Court emphasized the correct interpretation of the time limit provisions under the Act and directed the Tribunal to reconsider the matter. The assessment order was quashed, highlighting the importance of adhering to statutory timelines for assessments and reassessments. en-us Tue, 31 Aug 2004 00:00:00 +0530 Fri, 17 Jul 2009 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10553 The High Court held that the assessment based on the revised return was invalid due to exceeding the two-year time limit under section 153(1) of the Income-tax Act, 1961. The original return filed under section 139(4) was considered, and the Tribunal's decision was set aside. The Court emphasized the correct interpretation of the time limit provisions under the Act and directed the Tribunal to reconsider the matter. The assessment order was quashed, highlighting the importance of adhering to statutory timelines for assessments and reassessments. Case-Laws Income Tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10553