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2019 (4) TMI 1425 - AT - Income TaxTime barring assessment - Period of limitation u/s 153 - applicability of Explanation-1 to sec. 153 - HELD THAT:- The Assessing Officer admittedly set sec. 148 re-opening mechanism in motion in identical four notices issued on 16.02.2016 which stood served on the taxpayer on 19.02.2016 followed by the impugned re-assessments framed on 08.11.2017. Section 153 of the Act prescribes time limit for completion of assessment, re-assessment & re-computation. Sub-section 2 thereof makes it clear that no order of assessment, re-assessment or re-computation shall be made u/s 147 after expiry of nine months from the end of the financial year in which sec. 148 notice stood served. There can hardly be any dispute about nine months from the end of the financial year of such section 148 notice service dated 19.02.2016; last upto 31.12.2016. The Revenue’s submission extracted hereinabove are fair enough to this effect. I therefore observe that last date of framing of reassessments in all these assessment years was 31.12.2016. I conclude in this factual backdrop that all the impugned re-assessments in these four assessment years are clearly time barred since framed on 08.11.2017 going by the above statutory provision. I quash the impugned re-assessments since not framed within statutory limitation period. - Revenue appeals are dismissed
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