https://www.taxtmi.com/caselaws?id=11690 The court ruled in favor of the petitioner, Spences Hotels P. Ltd., in a case concerning the limitation for issuing notice under Section 148 of the Income-tax Act. The court found that the notices issued for escaped assessment for the assessment year 1976-77 were time-barred as the limitation period had expired, thus invalidating the reopening of assessment proceedings. The court emphasized the importance of adhering to statutory limitation periods, granting finality to legal proceedings and preventing the reopening of assessments beyond the prescribed time limits. en-us Wed, 04 Jun 2003 00:00:00 +0530 Fri, 05 Feb 2010 19:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11690 The court ruled in favor of the petitioner, Spences Hotels P. Ltd., in a case concerning the limitation for issuing notice under Section 148 of the Income-tax Act. The court found that the notices issued for escaped assessment for the assessment year 1976-77 were time-barred as the limitation period had expired, thus invalidating the reopening of assessment proceedings. The court emphasized the importance of adhering to statutory limitation periods, granting finality to legal proceedings and preventing the reopening of assessments beyond the prescribed time limits. Case-Laws Income Tax Wed, 04 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11690