TMI Blog2016 (6) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be completed within one year from the end of the financial year in which proceedings u/s 201(1)/201(1A) were initiated. Admittedly, in the instant case, the assessing officer has passed the orders after expiry of eight years from the date of issuing of notice. Accordingly, the order passed by the AO is barred by limitation. Accordingly we set aside the order passed by Ld CIT(A), since the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration u/s. 133A of the Act in a group concern of the assessee on 17.09.2003. The assessee was also operating from the very same premises and hence details pertaining to the assessee were also gathered. During the course of survey proceedings, the financial statements of the assessee were also examined and it was noticed that the assessee has not deducted tax at source on the expenditure incurred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue and the facts relating thereto are already available on record, we admit the same. We have noticed in the preceding paragraph that the assessing officer has passed the impugned order on 28.3.2011 in pursuance of notice issued on 23.9.2003, i.e., he has passed the order after expiry of eight years from the date of issuing of notice. It is pertinent to note that the Income tax Act does not pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the hands of the payee is equal to or more than one lakh rupees. If on the other had such amount is less than ₹ 1 lakh, then the lower period of four years as prescribed u/s 149(1)(a) from the end of the relevant assessment year available for initiation of proceedings u/s 201(1). (b) The completion of proceedings u/s 201(1), that is the passing of the order under this sub-section, has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be completed within one year from the end of the financial year in which proceedings u/s 201(1)/201(1A) were initiated. Admittedly, in the instant case, the assessing officer has passed the orders after expiry of eight years from the date of issuing of notice. Accordingly, the order passed by the AO is barred by limitation. Accordingly we set aside the order passed by Ld CIT(A), since the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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