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2016 (4) TMI 581 - AT - Income TaxValidity of assessment u/s 153 - period of limitation - extension of period of audit - Held that:- There was no application for extension of period of audit and therefore order u/s 142(2C) of the Act dated 13.7.2006 granting extension till 17.7.2006 was not a valid order. In view of the above the only conclusion emerges that audit was to be completed by 7th of July’2006 and, as such the period from 17.02.2006 to 07.07.2006 is to be excluded in terms of Explanation to section 153 of the Act. Further, after considering the period of 60 days, as provided in the proviso to Explanation 1 to section 153(1) of the Act, the period of limitation expired on 6.09.2006; whereas the instant assessment had been framed on 14.09.2006 and therefore, the assessment order is barred by the limitation - Decided in favour of assessee.
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