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2021 (4) TMI 1357 - AT - Income TaxValidity of assessment order u/s 144C - time limit prescribed for completion of assessment proceedings u/s 153 - HELD THAT:- The assessment year involved is AY 2015-16 and the final assessment order has been passed on 27/09/2019. The date of directions given by Ld. DRP is 29/08/2019. Upon perusal of final assessment order, it could be observed that there is no proposed variation in the income or losses reported by the assessee. The matter before Ld. AO was only with respect to the applicable rate of tax on the interest income earned by the assessee. Provisions of Section 144C(1) would not apply and the due date for completion of assessment proceedings and passing the assessment order as per Section 153 would be 31/12/2018. As against this, the final assessment, in the present case, has been passed on 27/09/2019 and therefore clearly barred by limitation. The fact of issuance of draft assessment order, when it was not legally required to be issued, could not end up enhancing the time limit for completion of the assessment u/s 143(3). Thus we allow the additional ground of appeal and hold that the assessment framed by learned Assessing Officer was time barred and hence quashed.
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