https://www.taxtmi.com/caselaws?id=12744 Extension of the assessment limitation period under section 153(1)(b) of the Income-tax Act, 1961 is available only when the Assessing Officer records the finding necessary to attract section 271(1)(c) before the ordinary limitation expires. As that requisite finding had not been recorded in time, the assessment was not saved by the extended period. The earlier best judgment assessment was also held beyond limitation, and the later assessment under section 143(3) was therefore time barred. The annulment of the assessment was upheld and the reference was answered in favour of the assessee. en-us Fri, 11 Jan 2002 00:00:00 +0530 Thu, 21 May 2009 17:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12744 Extension of the assessment limitation period under section 153(1)(b) of the Income-tax Act, 1961 is available only when the Assessing Officer records the finding necessary to attract section 271(1)(c) before the ordinary limitation expires. As that requisite finding had not been recorded in time, the assessment was not saved by the extended period. The earlier best judgment assessment was also held beyond limitation, and the later assessment under section 143(3) was therefore time barred. The annulment of the assessment was upheld and the reference was answered in favour of the assessee. Case-Laws Income Tax Fri, 11 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12744