https://www.taxtmi.com/caselaws?id=311184 The ITAT recalled its order dated 25/05/2015 for A.Y. 2007-08, following a Misc. application by the revenue. The revenue argued that the assessment for unverifiable purchases should not be delayed indefinitely pending a High Court judgment. The Tribunal acknowledged that the provisions of Section 153(2A) of the IT Act, which prescribes a one-year time limit for completing set-aside assessments, were not considered initially. Consequently, the Tribunal decided to fix the matter for a fresh hearing, emphasizing the importance of adhering to statutory time limits and procedural requirements in tax assessments. en-us Wed, 11 Jan 2017 00:00:00 +0530 Tue, 12 Dec 2023 20:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311184 The ITAT recalled its order dated 25/05/2015 for A.Y. 2007-08, following a Misc. application by the revenue. The revenue argued that the assessment for unverifiable purchases should not be delayed indefinitely pending a High Court judgment. The Tribunal acknowledged that the provisions of Section 153(2A) of the IT Act, which prescribes a one-year time limit for completing set-aside assessments, were not considered initially. Consequently, the Tribunal decided to fix the matter for a fresh hearing, emphasizing the importance of adhering to statutory time limits and procedural requirements in tax assessments. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311184