No Income Tax Assessment Beyond 10-year limit u/s153A: ITAT favours Assessee

ITAT ruled in favor of the assessee, stating that no income tax assessment can be made beyond the 10-year limit under Section 149(1)(c). The tribunal upheld the statutory time limit for initiating assessment proceedings, providing relief to the taxpayer. Section 149 of the Income Tax Act prescribes the time limits for issuing notices for assessment or reassessment. The ITAT's decision reinforces the importance of adhering to these timelines, ensuring legal certainty and protecting taxpayers from prolonged and delayed tax scrutiny beyond the permissible period.