Assessment u/s 150 not permissible for time barred assessments

Brief of the Case ITAT Delhi held in the case of ITO vs. M/s. Neetee Clothing (P) Ltd. that CIT (A) has rightly observed that section 150(2) enacts the situation where the provisions for assessment pursuant to appeal u/s 150(1) will not be applicable. Provisions of section 150(1) shall not apply where the reassessment proceedings would have been barred by time even at the time when the order, which was the subject-matter of appeal, revision, etc., was passed. So, it is clear that if the issuing of a notice for assessment or reassessment for a particular assessment year had become time-barred a...