https://www.taxtmi.com/caselaws?id=756864 The Bombay HC examined whether the time limits under Section 153 of the Income Tax Act apply to proceedings under Section 144C involving the dispute resolution panel. The Court, referencing past judgments, found that Section 153's limitations do apply. However, the Supreme Court's notice on the Shelf Drilling case restricts its precedential value, pending further orders. The Revenue contested this interpretation, seeking a larger bench's consideration. The Court reserved its decision, maintaining interim orders, acknowledging the issue's complexity and ongoing legal debate. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756864 The Bombay HC examined whether the time limits under Section 153 of the Income Tax Act apply to proceedings under Section 144C involving the dispute resolution panel. The Court, referencing past judgments, found that Section 153's limitations do apply. However, the Supreme Court's notice on the Shelf Drilling case restricts its precedential value, pending further orders. The Revenue contested this interpretation, seeking a larger bench's consideration. The Court reserved its decision, maintaining interim orders, acknowledging the issue's complexity and ongoing legal debate. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756864