Exclusion of period taken for handing over seized material to AO effective only from 01.04.2021

Agni Estates and Foundations Private Limited Vs DCIT (Madras High Court) Madras High Court held that clause (xi) to Explanation to Section 153B of the Income Tax Act relating to the exclusion of the period taken for handing over seized material to the assessing officer is effective prospectively from 01.04.2021. Accordingly, prior assessment years are held to be barred by limitation. Facts- The premises of the petitioner had been subject to a search u/s 132 of the Act and notices u/s. 153A had been issued pursuant to the same. The petitioner challenged those notices in an earlier round of liti...