ITAT Dismisses Revenue’s Appeal, Sides With Assessee in Time-Barred 153C Assessment Case

The ITAT has dismissed the Income Tax Department’s appeal in a case involving Section 153C, ruling that the assessment was initiated beyond the permissible time limit. The Tribunal stated that the notice issued was invalid as it was served after the expiry of the prescribed period. The decision underscores the importance of adhering to procedural timelines in income tax assessments. The ruling offers relief to the assessee and reinforces judicial emphasis on limitation as a safeguard against arbitrary tax proceedings. It also sets a precedent for similar time-barred cases.