FENA PRIVATE LIMITED Vs Addl./Joint/ Deputy/ACIT/ITO, National Faceless Asst. Centre, (NaFAC), Delhi

Parties Involved

Facts Summary

The appeal is filed by FENA PRIVATE LIMITED challenging the Final Assessment Order passed under section 143(3) read with section 144C(13) read with Section 144B of the Income Tax Act, 1961, dated 26.03.2021 pertaining to the Assessment Year 2016-17. The assessee raised an additional ground contending that the Final Assessment order is time-barred by limitation and is bad in law as it has been passed beyond the time frame prescribed under section 153(1) read with section 153(4) of the Income Tax Act, 1961. The assessee's representative argued that the order is beyond the statutory limitation prescribed under section 153 read with Section 144C of the Act, thus void ab initio and liable to be quashed. The Revenue's representative submitted that the issue of limitation arising from the interplay between Section 144C and Section 153 of the Act is presently unsettled and pending adjudication before the Hon'ble Supreme Court.…

Legal Issues

• 1. Whether the Final Assessment Order passed on 26.03.2021 is time-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

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