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2015 (8) TMI 214 - AT - Income TaxLimitation for completion for 153C proceeding - Held that:- With the combined reading of proviso to section 153C and section 153A(1)(b), it is clear that in the case of the person in whose case action is required under section 153C, the Assessing Officer is empowered to take action under section 153C for the year in which the seized document is received by him and the preceding six years. In the present case as mentioned by the Assessing Officer in paragraph 2 of his order, the seized material was received on March 12, 2009 from the Assistant Commissioner of Income-tax, Central Circle-17. Thus, the year in which seized material was seized is previous year 2008-09 relevant to the assessment year 2009-10. The preceding six years would be assessment years 2008-09, 2007-08, 2006-07, 2005-06, 2004-05 and 2003-04. Therefore, after considering the facts of the assessee's case and a combined reading of section 153C as well as section 153A, in our opinion, the issue of notice under section 153C for the assessment years 2001-02 and 2002-03 is barred by limitation. Accordingly, we quash the same and consequentially, the assessment order passed in pursuance to the notice issued under section 153C is also quashed. - Decided in favour of assessee.
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