Income tax assessment us 147
This query is : Resolved
17 April 2024
Good morning all. One of our clients income tax assessment u/s 147 proceeding limitation date expired on 31st March 2024 , however the order not yet passed. Cases still showing under 'e proceedings ' 'for your Action' tab. What to do now ?
17 April 2024
well if you are sure that the assessment is time barred now, then do not do anything. As and when the AO issues a fresh notice in the case, submit your arguments that the case is now already time barred. However, good chance that the AO may still pass an order and you may have to litigate this further. Refer to this case which more or less applies to your case (cant be sure as we do not have all the facts available with us).
https://www.taxscan.in/reassessment-order-failed-to-be-passed-within-prescribed-time-limit-delhi-hc-quashes-order/216349/
https://www.taxscan.in/reassessment-order-failed-to-be-passed-within-prescribed-time-limit-delhi-hc-quashes-order/216349/
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