Clarification Sought on Time Limits u/ss 144C and 153 of Income Tax Act; Awaiting Supreme Court's Decision.

This case deals with the applicability of Section 153, the limitation provision, to proceedings u/s 144C of the Income Tax Act. The key issues are whether the 11-month period envisaged u/s 144C should be in addition to the time limit prescribed u/s 153(1) read with Section 153(4), or whether it needs to be subsumed within the timelines stipulated u/s 153. The High Court observed that the Supreme Court is currently considering this issue arising from decisions of various High Courts, including the present case. The Revenue has issued circulars seeking adjournments in pending cases involving this issue before the Income Tax Appellate Tribunal, awaiting the Supreme Court's decision. Regarding interim relief, the High Court noted that assessees..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X