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2017 (7) TMI 431 - SCH - Income TaxTime barred assessment u/s 158BE(1)(b) - period of limitation - time taken for special audit under section 142(2A) - Held that:- The special leave petition is accordingly dismissed. HC order confirmed [2015 (5) TMI 11 - CALCUTTA HIGH COURT]. HC has held that the audit commenced on 13th November 2000 and was concluded on 24th April, 2001. Thus 163 days were consumed in the audit. Therefore, the period of 163 days has to be excluded from the period of limitation. It is not also in dispute that the delay is of 150 days under Section 158BE2 (b). If the period of audit comprising of 163 days is to be excluded, the natural consequence will be that the assessment was within time. The defect, if any, in the proceeding which culminated into the order for audit and the submission of the audit report are mere irregularities which shall not invalidate the proceeding. - Decided in favour of revenue.
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