Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by limitation

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Whether assessment was time-barred under s.153 where Revenue claimed a reference for exchange of information to Singapore: Explanation 1 clause (x) to s.153 requires an actual reference by the competent authority to extend the limitation; absence of documentary proof or any record of reference or receipt of information in the AO's factual report negates the statutory prerequisite, and the AO failed to await the one-year period even if a reference had been made. Consequence: assessment framed on 28-03-2023 is barred by limitation and correctly disallowed. - ITAT....