Latest - TMI e-Newsletter
New User/ Regiser
2022 (9) TMI 980 - Income Tax
Validity of orders passed u/s 201(1) and 201(1A) - Assessment u/s 153(2A) as time barred - whether Tribunal is right in law in setting aside the order passed under section 201(1) and 201(1A) of the Act by holding that said orders are time barred by relying on the provision 153(2A) of the Act ? - as per DR provisions of section 153(2A) is applicable only in relation to passing of fresh assessments/re-assessments and not orders passed under section 201(1) and 201(1A) of the Act? - HELD THAT:- ITAT placed reliance on Jodhana Real Estate [2004 (7) TMI 43 - RAJASTHAN HIGH COURT] wherein the orders under consideration were passed under Section 143(3) and Section 104 of the Act. In contradistinction, in the case on hand, orders have been passed by the Assessing Officer on 30.03.2011 under Section 201 and 201(A) of the Act.
The proviso is unambiguous. For the financial year commencing before 01.04.2007, orders could be passed any time on or before 31.03.2011. Admittedly, the assessment year under consideration is for 1996-97 and the same is prior to financial year before 01.04.2007. In view of the unambiguous language employed by the Legislature, no exception can be taken to the order passed by the AO
The authorities relied upon by the the assessee in support of his contention that the AO ought to have passed the orders within a reasonable time do not lend any support to the assessee because, statute permitted the AO to pass orders before 31.03.2011. - Decided in favour of the Revenue and against the assessee.