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2023 (7) TMI 1139 - AT - Income TaxAssessment framed u/s 153A r.w.s 143(3) as barred by limitation - Extension of time seeked as reference made to the Swiss Tax Authority - DR stated as reference u/s 90 of the Act was made to Swiss authority and no information till the time of passing the assessment order was received, hence the time limit was extended by one year under Explanation IX to Section 153B - assessee stated that reference referred to by the ld. DR was in itself an invalid reference, therefore, an invalid reference could not have extended the period of limitation provided u/s 153B r.w. Explanation IX of the Act - HELD THAT:- The Notification No. 2903 (E) is loud and clear and has specifically mentioned that Exchange of Information provided for in the said Protocol will be applicable for information that relates to any fiscal year beginning on or after the 1st day of April 2011 and if the said notification is read with the reference made by the department, we find that the specific periods for which the reference has been made calling for information is 01.04.1995 to 31.03.2012. Therefore, qua the notification, information called by the Revenue by issuing the said reference was invalid for the period prior to 01.04.2011. We are of the considered view that the information called for by the department from Swiss authorities could not have been received by them for the period prior to 01.04.2011. Therefore, it would be a futile exercise to wait for such information, and that too, by an invalid reference. Therefore, in our considered opinion, the period of limitation could not be extended as claimed by the Revenue. The impugned assessments are clearly bared by limitation and deserve to be quashed.
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