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2016 (8) TMI 1033 - AT - Income TaxValidity of assessment - Settlement Commission u/s 245D(4) - period of limitation - whether the period commencing from the date of order passed by the ITSC u/s 245D i.e. final order to the date of stay granted by the single judge of the Hon’ble Madras High Court should not be excluded while computing period of limitation - Held that:- Where abatement of assessment proceedings u/s 245HA consequent upon admission of application by the Settlement Commission after exclusion of the period under sub-sec.(4) of sec.245HA i.e. the period during which the proceedings are pending before the Settlement Commission, period available for assessment shall not be less than one year and where such period of limitation is less than one year it shall be deemed to have been extended to one year for the purpose of determining period of limitation. In this case, final order by the Settlement Commission u/s 245D(4) was passed on 21/5/1998. The stay has been granted by the Hon’ble Madras High Court on 1/12/1998 that means 194 days, thus leaving a period of 171 days. Final order by the Division Bench of the Hon’ble Madras High Court was passed on 16/7/2009 and received by the CIT on 4/8/2009. The assessment was completed on 11/1/2010 i.e. within 160 days from the final order of the Hon’ble Madras High Court. Thus, as against available days of 171 days, the assessment passed is well within the period of limitation. The contention of the assessee is dismissed.
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