This case deals with the applicability of Section 153, the ...

Tax Reassessment Time Limit Conundrum: 144C vs 153 Interpretation Awaits Apex Court's Verdict.

Case Laws Income Tax

August 20, 2024

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 in similar cases have succeeded before the Madras and Delhi High Courts, and the Supreme Court has not stayed those orders setting aside the assessment orders. Consequently, the High Court continued the ad-interim order dated 28 June 2024 till the final disposal of this petition.

View Source

← Previous Next →

This case deals with the applicability of Section 153, the ...

Tax Reassessment Time Limit Conundrum: 144C vs 153 Interpretation Awaits Apex Court's Verdict.

Case Laws Income Tax

August 20, 2024

You may also like:

Assessment u/s 144C(13) - Time limit for completion of assessments and reassessments - Sub-section (13) to Section 144C, in my view, imposes a restriction on the...

Limitation for passing a assessment order - Consequential order passed by the assessing authority beyond the time limit specified u/s 153 (2A) - The High Court examined...

Limitation for passing fresh assessment order - Whichever regime we take into account, i.e., the time limit fixed as per Section 153(2)(A) of the Act or the time limit...

TP Adjustment - assessment barred by Limitation - Timelines u/s 92CA, 144C and 153 - the provisions of Sections 144C and 153 are not mutually exclusive, but are rather...

Validity of assessment order passed u/s 153(1) - Period of limitation - In this case, since, the Assessing Officer cannot invoke jurisdiction u/s.144C(1) and pass draft...

Refund of Tax paid - Block assessment - as per Section 153(3) of the Act the time limit for completion of such assessment proceedings viz. nine months had elapsed -...

Assessment u/s 153A - Time limit for completion of assessments and reassessments - The contention that passing fresh assessment order pursuant to the Tribunal’s order...

Validity of reassessment order passed u/s 147 - Since assessment order passed beyond the limitation period i.e. beyond the time limit of 60 days as per the Explanation 1...

TP Assessment proceedings - period of limitation - the proviso which has altered the original time limit from 24 months to 21 months vide amendment in Finance Act, 2006...

The High Court held that the delay in issuing the tax refund was subject to the strict limitation period prescribed u/s 254 read with Section 153(3). The Assessing...

Time limit for completion of assessment and reassessment u/s 153 - Fresh Order passed in remand proceedings - the provisions of Section 153(3) of the Act apply to the...

GST, a success of vast proportions, decreased tax incidence on common man, reduced compliance burden and logistics cost for trade and industry. Amendments facilitated...

Assessment u/s 143(3) r.w.s 144C - Period of limitation u/s 153 - Issuance of direction by the JCIT u/s 144A - The issuance of the direction and the communication of...

Assessment order after expiry of time limit prescribed u/s 153 - AO was under obligation to pass the assessment order within the time specified under 3rd proviso to Sec....

Filing of Form GST TRAN-1 - time limit for filing of the form - The time limit stipulated under Rule 117 of the Rules is not ultra vires of the Act. This Rule is...

Quick Updates: