Form ITNS-150 Constitutes Valid Assessment Order u/s 143(3), Any Rectification Attracts S. 154 Limitation Period: Delhi HC [

The Delhi High Court clarified that Form ITNS-150 constitutes a valid assessment order under Section 143(3) of the Income Tax Act. Any subsequent rectification of such an order would attract the limitation period specified under Section 154 of the Act. The court dismissed the revenue's appeal, holding that the initial intimation under Form ITNS-150 signifies the completion of the assessment. This ruling provides crucial clarity on the validity and finality of assessment orders communicated through Form ITNS-150 and the timelines for any permissible rectifications, ensuring certainty in tax proceedings for both the tax authorities and the assessees.