https://www.taxtmi.com/caselaws?id=467269 An order giving effect passed after expiry of the statutory period under Section 153(5) is time-barred and is quashed; the assessing officer becomes functus officio and the returned income stands final. Amounts recovered and adjusted against a non existing demand for the relevant assessment year are refundable to the assessee, and interest under Section 244A(1)(b) is payable from date of tax payment to date of credit. Where refund was delayed beyond the expiry of the period for passing consequential orders, additional interest under Section 244A(1A) is also payable for the intervening period. en-us Mon, 05 Feb 2024 00:00:00 +0530 Thu, 12 Mar 2026 19:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467269 An order giving effect passed after expiry of the statutory period under Section 153(5) is time-barred and is quashed; the assessing officer becomes functus officio and the returned income stands final. Amounts recovered and adjusted against a non existing demand for the relevant assessment year are refundable to the assessee, and interest under Section 244A(1)(b) is payable from date of tax payment to date of credit. Where refund was delayed beyond the expiry of the period for passing consequential orders, additional interest under Section 244A(1A) is also payable for the intervening period. Case-Laws Income Tax Mon, 05 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467269