Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 432 - HC - Income TaxValidity of assessment - time barred - pre-condition Clause (iii) of Explanation (i) to Section 153 (1) - Held that:- In the present case, the last date on which the Assessee was required to furnish the report was 7th July 2006 in terms of Section 153 (1) of the Act. The time for passing the assessment order expired on 6th September 2006 whereas it was passed only on 14th September 2006. The decision of this Court in CIT v. Bishan Saroop Ram Kishan Agro (P) Limited (2011 (5) TMI 540 - DELHI HIGH COURT ) squarely covers the issue in favour of the Assessee as it took note of the Circular dated 27th March 2009 of the Central Board of Direct Taxes (CBDT) regarding prospective application for amendment to the proviso to Section 142 (2C) of the Act which gave the AO ‘suo motu’ power to extend time for furnishing the audit report. For all the aforementioned reasons, the Court finds no error having been committed by the CIT (A) or the ITAT in holding that the assessment order in the present is barred by limitation. - Decided in favour of assessee.
|