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2009 (12) TMI 679 - HC - Income TaxExtended period of limitation - assessee is engaged in running hydroelectric power - In proceedings under the Land Acquisition Act, interest was payable to the land owners - According to the Revenue, as per law, the assessee was bound to deduct tax at source before making payment of interest to the land owners – appeals relate to the financial years 1991-92, 1992-93 corresponding to the assessment year 1992-93 and 1993-94 respectively - notices under section 201 and 201(1A) of the Income-tax Act, 1961, were issued to the assessee on July 22, 2003 – Held that:- even if no period of limitation is prescribed, the statutory power must be exercised within a reasonable period - reasonable period taking into consideration the various provisions of the Income-tax Act has been held to be four years in a number of cases - no reason to extend this period any further – In favor of assessee
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