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ITAT Hyderabad Quashes U/s 143(3) Assessment as Time-Barred; Sec 153 Exclusion Limited to Actual Time Lost
Case Law Details
- Case Name
- ACE Tyres (P) Ltd Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Hyderabad
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ACE Tyres (P) Ltd Vs DCIT (ITAT Hyderabad)
Assessment U/s 143(3) Quashed as Time-Barred – Limitation u/s 153 & Exclusion Period Restricted to Actual Time Lost – ITAT Hyderabad
The assessee, part of Exel Group, was subjected to search and assessment for A.Y. 2022-23 where addition of ₹2.04 crore was made based on alleged unaccounted transactions recorded in “FOCUS 5.5” software seized during search. The assessee challenged validity of assessment contending that the order dated 27.09.2024 was barred by limitation under s.153.
ITAT analysed clause (xii) of Explanation-1 to s...
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