https://www.taxtmi.com/caselaws?id=771398 The HC ruled that assessment proceedings for AY 2005-06 were time-barred under Section 153 of the Income Tax Act. The AO failed to pass a consequential order within the prescribed statutory period, resulting in the petitioner's original return being deemed accepted. The HC directed the Revenue to process the refund claim with applicable interest within twelve weeks, emphasizing the mandatory nature of statutory time limits in tax proceedings. en-us Fri, 09 May 2025 00:00:00 +0530 Thu, 22 May 2025 18:25:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771398 The HC ruled that assessment proceedings for AY 2005-06 were time-barred under Section 153 of the Income Tax Act. The AO failed to pass a consequential order within the prescribed statutory period, resulting in the petitioner's original return being deemed accepted. The HC directed the Revenue to process the refund claim with applicable interest within twelve weeks, emphasizing the mandatory nature of statutory time limits in tax proceedings. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771398