Assessment order passed u/s 143(3) beyond time limit prescribed u/s 153 is time barred

ACIT Vs Essel Corporate Resources Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that assessment order passed u/s 143(3) beyond time limit prescribed under section 153 of the Income Tax Act is time barred and bad in law.

Facts- The assessee filed its return of income on 29.09.2012 declaring a loss of Rs.1,99,11,429/-. The assessment was completed u/s 143(3) of the Income Tax Act, 1961 on 30.03.2016 determining total income of the assessee at Rs 4164,62,52,690/- after making vari

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