DRP’s Rejection of Belated Objections Doesn’t Extend Assessment Limitation: ITAT Delhi

Ares Diversified Vs ACIT (ITAT Delhi) In a landmark decision, the Delhi Income Tax Appellate Tribunal (ITAT) in the case of Ares Diversified Vs Assistant Commissioner of Income Tax (ACIT) addressed the implications of the Dispute Resolution Panel’s (DRP) rejection of belated objections on the limitation period for passing the final assessment order under Section 144C(4) of the Income Tax Act, 1961. The ruling clarifies the boundaries of procedural compliance and emphasizes the importance of adhering to statutory timelines. The assessee, Ares Diversified, filed appeals against the assessm...