Industic (India) Pvt. Ltd. Vs. ACIT
Parties Involved
Facts Summary
The case pertains to an appeal filed by Industic (India) Pvt. Ltd. against the Final Assessment Order passed under section 143(3) read with section 144C(13) of the Income Tax Act, 1961, dated 31/10/2019 for the Assessment Year 2015-16. The appellant contends that the Final Assessment Order is time-barred and bad in law as it was passed beyond the time frame prescribed under section 153(1) read with section 153(4) of the Act. The appellant relies on the judgment of the Hon'ble High Court of Madras in the case of Commissioner of Income-tax Vs. Roca Bathroom Products (P.) Ltd. and orders passed by the Co-ordinate Bench of the Tribunal, Hyderabad Bench. The respondent argues that the issue of limitation is unsettled and pending before the Hon'ble Supreme Court, thus requesting deferral of adjudication.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Final Assessment Order passed on 31/10/2019 is time-barred under section 153(1) read with section 153(4) of the Income Tax Act, 1961.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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