Vatika Seven Elements Private Limited Vs Assistant Commissioner of Income Tax, Circle-25(1), New Delhi-110002
Parties Involved
Facts Summary
The case involves an appeal by Vatika Seven Elements Private Limited against the Final Assessment Order passed by the Assistant Commissioner of Income Tax for the Assessment Year 2018-19. The appellant contends that the Final Assessment Order dated 30.04.2022 is time-barred and invalid as it was passed beyond the statutory limitation prescribed under Section 153 of the Income Tax Act, 1961. The appellant raised additional grounds challenging the validity of the assessment order on the basis of limitation. The Revenue argued that the issue of limitation is currently unsettled and pending before the Supreme Court, thus requesting deferral of adjudication. The Tribunal considered the submissions of both parties and relevant precedents.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Final Assessment Order dated 30.04.2022 is time-barred and invalid under Section 153 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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