Time limit for completion of assessments and reassessments.

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..... appearing in the first proviso to Section 34(3) of the Income-tax Act, 1922 means not merely the computation of the income of the assessee but also the determination of the tax payable by him. On this basis, the Supreme Court held that even if the assessment order was passed within the statutory time-limit, if the demand notice and challan demanding the tax were issued and served on the assessee .....

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..... me-tax Officers in the charge that they must not only pass the assessment orders within the prescribed statutory time-limit but also determine the amount of tax due from the assessee within the statutory time-limit. Any failure in this respect will render the assessment void. 4. As the assessments for three assessment years would be reaching limitation on 31-3-72, which is a holiday, and March 2 .....

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