Assessment order passed beyond period prescribed u/s. 153 is barred by limitation

Wavy Construction LLP Vs ACIT (Bombay High Court) Bombay High Court held that assessment order passed after expiry of period of limitation as prescribed under section 153 of the Income Tax Act read with first proviso below explanation 1 is barred by limitation. Accordingly, petition succeeds. Facts- This petition under Article 226 of the Constitution of India challenges an order dated 14 October 2021 passed by the Assessing Officer whereby the petitioner’s objections against the reopening of assessment under Section 147 of the Income Tax Act, 1961 has been rejected and the consequent assess...