https://www.taxtmi.com/caselaws?id=55046 The Tribunal quashed the assessments made by the AO, ruling them barred by limitation under s. 153(2A) of the IT Act, as they were completed beyond the prescribed period. It determined that the CIT(A)'s directions implied a fresh assessment was necessary. Consequently, the penalties under s. 271(1)(c) for alleged income concealment were also set aside, as the underlying assessments were invalid. All appeals by the appellant were allowed. en-us Wed, 30 Nov 2005 00:00:00 +0530 Wed, 03 Apr 2024 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55046 The Tribunal quashed the assessments made by the AO, ruling them barred by limitation under s. 153(2A) of the IT Act, as they were completed beyond the prescribed period. It determined that the CIT(A)'s directions implied a fresh assessment was necessary. Consequently, the penalties under s. 271(1)(c) for alleged income concealment were also set aside, as the underlying assessments were invalid. All appeals by the appellant were allowed. Case-Laws Income Tax Wed, 30 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55046