https://www.taxtmi.com/caselaws?id=15712 The High Court upheld the Tribunal's decision that the assessment made on March 31, 1989, for the assessment year 1985-86 was not time-barred under section 153(1)(a)(iii) of the Income-tax Act, 1961. The court found that the Assessing Officer had valid reasons to extend the limitation period due to the lack of explanations provided by the assessee regarding financial transactions. The court emphasized the significance of timely completion of assessments and reassessments, ruling in favor of the Revenue and dismissing the assessee's contention that the assessment was barred by limitation. en-us Fri, 03 Sep 1999 00:00:00 +0530 Thu, 27 Aug 2009 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15712 The High Court upheld the Tribunal's decision that the assessment made on March 31, 1989, for the assessment year 1985-86 was not time-barred under section 153(1)(a)(iii) of the Income-tax Act, 1961. The court found that the Assessing Officer had valid reasons to extend the limitation period due to the lack of explanations provided by the assessee regarding financial transactions. The court emphasized the significance of timely completion of assessments and reassessments, ruling in favor of the Revenue and dismissing the assessee's contention that the assessment was barred by limitation. Case-Laws Income Tax Fri, 03 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15712