https://www.taxtmi.com/caselaws?id=445157 Delhi HC dismissed the petition challenging revision under Section 263 of IT Act. The court held that the assessment order dated 31st March, 2023 for AY 2015-16 was within the limitation period prescribed under Section 153B. Despite petitioner's argument that search operations concluded in March 2021, the court found that the search definitively concluded on 29th April, 2021 when Locker 299 was inspected for the first time. The assessment order fell within the twelve-month limitation period from the last search date, making the revisional jurisdiction under Section 263 valid and petitioner's challenge untenable. en-us Thu, 19 Oct 2023 00:00:00 +0530 Wed, 28 Aug 2024 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445157 Delhi HC dismissed the petition challenging revision under Section 263 of IT Act. The court held that the assessment order dated 31st March, 2023 for AY 2015-16 was within the limitation period prescribed under Section 153B. Despite petitioner's argument that search operations concluded in March 2021, the court found that the search definitively concluded on 29th April, 2021 when Locker 299 was inspected for the first time. The assessment order fell within the twelve-month limitation period from the last search date, making the revisional jurisdiction under Section 263 valid and petitioner's challenge untenable. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445157