Time limit for completion of assessments and reassessments.

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Full Text of the Document

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....roviso to Section 34(3) of the Income-tax Act, 1922 means not merely the computation of the income of the assessee but also the determination of the tax payable by him. On this basis, the Supreme Court held that even if the assessment order was passed within the statutory time-limit, if the demand notice and challan demanding the tax were issued and served on the assessee beyond the statutory time....