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2015 (10) TMI 1760 - AT - Income TaxValidity of assessment made u/s 153A - period of limitation - Whether the assessment framed under section 153A/143(3) is legal, when consequent upon action taken by the department under section 132 against the assessee was carried out and nothing incriminatory was found, and re- visiting the issues, which have been settled earlier, is permissible? - Held that:- The provisions contained in the above second proviso to Section 153B of the Act are applicable to the facts of the present case which clearly provides that the assessment u/s 153A is required to be completed within 21 months from the end of the financial year in which last of the authorization for search u/s 132 of the Act was executed. In the present case, the authorization for search was executed on 21.03.2007, the panchnama was drawn on 22.03.2007 after completion of the search, as such the financial year ends on 31.03.2007 and 21 months period ends on 31.12.2008. Therefore, the assessment was required to be framed u/s 153A of the Act on or before 31.12.2008. However, in the present case, the assessment has been framed on 24.12.2009, therefore the assessment framed was barred by limitation and deserves to be quashed as invalid - Decided in favour of assessee.
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