Cosmo Films Ltd.
Parties Involved
Facts Summary
The captioned appeals are filed by Cosmo Films Ltd. challenging the respective Final Assessment Orders passed under Section 143(3) read with Section 144C(13) and Section 144B of the Income Tax Act, 1961 for the Assessment Years 2009-10, 2010-11, 2011-12, and 2012-13. The Assessee contends that the impugned Final Assessment orders are time-barred by limitation and bad in law as they were passed beyond the time frame prescribed under Section 153(1) read with Section 153(4) of the Income Tax Act, 1961. The Revenue argues that the issue of limitation is unsettled and pending adjudication before the Hon'ble Supreme Court.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Final Assessment Orders are barred by limitation under Section 153 read with Section 144C of the Income Tax Act, 1961.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
4 precedents cited in this judgement.
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