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Issues involved: Determination of whether reassessment was time-barred due to delay in serving the order to the assessee.
Summary: The Appellate Tribunal ITAT Chennai addressed the issue of whether the reassessment was time-barred, as the order was purportedly completed on 31-3-2006 but served to the assessee only on 21-4-2006. The Tribunal analyzed the relevant provisions under section 153 of the Income Tax Act, emphasizing the importance of completing assessments within the specified time limits. It was held that assessments made beyond the prescribed time limit are illegal and render the entire process null and void. The Tribunal highlighted that for an assessment to be considered complete and effective, it must be issued or notified, making it public or known to the parties involved. The decision referenced a case where a similar situation led to the assessment being deemed ineffective due to being time-barred. In the judgment, the Tribunal differentiated the current case from a previous decision cited by the Revenue, emphasizing that in this instance, there was no evidence to show that the order was issued or sent for service before the limitation period expired. The Tribunal dismissed the Revenue's attempt to review the order, stating that the facts did not align with the case relied upon by the Revenue. Despite acknowledging a previous ruling regarding the consideration of coordinate Bench decisions, the Tribunal found no merit in the Revenue's applications and subsequently dismissed them. Overall, the Tribunal's decision focused on the strict adherence to time limits for assessments under the Income Tax Act, emphasizing the need for orders to be issued or notified within the specified periods to maintain their validity and effectiveness.
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