Time limit for completion assessment u/s 143(3)

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CA.Kaoshlandra Pandey (Querist)
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20 February 2013 For Financial Year 2009 -10, Assessment year 2010-11. Assessee Mrs.X filed Return on 14/04/2011. belatedly u/s 139 (4) of IT Act.1961. (Now We know this can not be revised). Showing Income from profession Rs.189500/- taxable and agriculture income Rs.500000/- Not Taxable Total Income Rs.189500/- No tax is/was payable on that. Cash balance shown Rs.495000/- (by mistake) Now We know this can not be revised. On 27/09/2011 a notice u/s 143(2) was issued asking for explanation regarding agriculture income and cash balance. I have attained A.O. on 18/10/2011 and discussed and filed oral explanation and AO has given me next date of 25/12/2011. on the same day I also filed an application for transfer the application from one city to another since assesses has got married and it was not practically possible to join the A.O. I have sent all the explanation required by A.O. during our first discussion through registered post. I discussed with assesse in this regards and she was like she has no agriculture income and cash and the same is done by mistake of her tax consultant. I instantly revised the return in spite of knowing fact the return was belated and can not be revised; I revised electronically. On 27/08/12 Assessee received another notice from new A.O. (AO of New city)u/s 142(1). asking all the information which i have already submitted to earlier AO through Registered post. I attained the same as per date given by A.O. and submitted all the details required by him and also shown/given in written the fact of mistake of Tax consultant about agriculture income and cash balance. As per Law the assessment of AY 2010-11, can be completed till 31.12.2012 (i.e. within 21 months from the AY in which the income first assessed.) The AO has served Assessment order u/s 143 (3) on 15/02/2013. As under Income from business Rs.189500/- undisclosed inc. Rs. 500000/- Tax + Interest= Rs.160000/- NOW I BELIEVE THIS THE A CASE OF TIME BARRING ASSESSMENT AND INVALID SINCE THE LAST DATE OF ASSESSMENT COMPLETION WILL BE 31/12/2012.(BEING 21 MONTHS FROM THE END OF AY 2010-11) KINDLY PROVIDE YOUR VIEW ON MY HOLD???????? This is the new and important case for me kindly help me ASAP... YOU MAY ALSO WRITE TO ME AT ca.k.pandey@gmail.com Regards CA. Kaoshlandra Pandey 9699641097

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Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)
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20 February 2013 As per amnendment made in Sec 153, from the assessment year 2010-11, the time limit for completion is 2 years from end of assessment year. i.e. 31-3-2013. Therefore, the order is well within time.

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