https://www.taxtmi.com/caselaws?id=458898 The ITAT determined that the final Assessment Order issued by the AO was barred by limitation under the Income Tax Act, 1961. The Tribunal analyzed the sequence of events, including the TPO's order, NFAC's draft assessment, DRP's directions, and subsequent communications, concluding that the assessment exceeded the statutory timeline prescribed under Section 144C. Citing a precedent from the jurisdictional HC, the Tribunal underscored the mandatory nature of these timelines and the consequences of non-compliance. Consequently, the Tribunal allowed the assessee's appeal, setting aside the Assessment Order due to its issuance beyond the permissible period, thereby ruling in favor of the assessee. en-us Wed, 21 Aug 2024 00:00:00 +0530 Wed, 20 Nov 2024 19:12:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458898 The ITAT determined that the final Assessment Order issued by the AO was barred by limitation under the Income Tax Act, 1961. The Tribunal analyzed the sequence of events, including the TPO's order, NFAC's draft assessment, DRP's directions, and subsequent communications, concluding that the assessment exceeded the statutory timeline prescribed under Section 144C. Citing a precedent from the jurisdictional HC, the Tribunal underscored the mandatory nature of these timelines and the consequences of non-compliance. Consequently, the Tribunal allowed the assessee's appeal, setting aside the Assessment Order due to its issuance beyond the permissible period, thereby ruling in favor of the assessee. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458898