https://www.taxtmi.com/caselaws?id=776511 The SC delivered a split verdict on the applicability of limitation periods under Sections 144C and 153 of the Income Tax Act. The majority held that the time limit under Section 153(1) subsumes the period under Section 144C, rendering assessments time-barred if not completed within the extended limitation period, thus upholding the HC's decision to quash final assessments and accept the assessees' returns. However, the dissenting opinion found that Section 144C timelines operate independently and must be strictly followed alongside Section 153, allowing Revenue to pass orders within prescribed periods and setting aside the HC order. The SC directed constitution of a larger Bench to resolve the conflicting views. Meanwhile, Revenue and assessees remain free to pursue remedies under law. en-us Fri, 08 Aug 2025 00:00:00 +0530 Mon, 11 Aug 2025 14:59:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776511 The SC delivered a split verdict on the applicability of limitation periods under Sections 144C and 153 of the Income Tax Act. The majority held that the time limit under Section 153(1) subsumes the period under Section 144C, rendering assessments time-barred if not completed within the extended limitation period, thus upholding the HC's decision to quash final assessments and accept the assessees' returns. However, the dissenting opinion found that Section 144C timelines operate independently and must be strictly followed alongside Section 153, allowing Revenue to pass orders within prescribed periods and setting aside the HC order. The SC directed constitution of a larger Bench to resolve the conflicting views. Meanwhile, Revenue and assessees remain free to pursue remedies under law. Case-Laws Income Tax Fri, 08 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776511