Case Law Details
Common appeal is raised by the assessee against the order of CIT relating to assessment year 2001-02 & 2005-06, therein CIT by virtue of Sec 263 of Income Tax Act, 1961(ACT) ordered assessing officer to make fresh assessment for said asstt year, as he found it erroneous i.e non complied with the order of ITAT.
Brief of the case
In the case U.P. Forest Corporation Lucknow vs. DCIT, ITAT held that if assessing officer ( taken as A.O.) is ordered to make fresh assessment of the assessee U/s 250 or 254 or 263 or 264 of Income Tax Act 1961 (“ taken as Act”), after nullifying or cancelled or set aside its prior assessment then section 153(2A) of the Act will be applicable and where A.O. is ordered to make reassessement or recomputation on the basis of new finding or direction U/s 250 or 254 or 263 or 264 of the Act, then Section 153(3)(ii) of Act will be applicable. If Sec 153(2A) of the Act is applicable, then A.O. is required to complete the assessement within the stipulated time and in other case {i.e. in Section 153(3)(ii) of Act}, there would be no time limit for completion of assessment.
Facts of the case
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