Jubilant Generics Ltd. Vs. Assessment Unit
Parties Involved
Facts Summary
The case pertains to an appeal filed by Jubilant Generics Limited against the Final Assessment Order passed by the Assessment Unit under Section 143(3) read with Section 144C(13) and Section 144B of the Income Tax Act, 1961, dated 26/07/2024 for the Assessment Year 2020-21. The appellant contends that the Final Assessment Order is time-barred and bad in law as it was passed beyond the statutory 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 Department argues that the issue of limitation is unsettled and pending before the Hon'ble Supreme Court, hence the Tribunal should defer adjudication.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Final Assessment Order passed on 26/07/2024 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
6 precedents cited in this judgement.
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