Reassessment Order Passed Beyond Section 153 Limitation was Time-Barred: Chhattisgarh HC

DCIT Vs Silverleaf Infrastructure Pvt Ltd (Chhattisgarh High Court) The Chhattisgarh High Court dismissed the Revenue’s appeal under Section 260-A of the Income Tax Act, 1961, holding that no substantial question of law arose from the order of the Income Tax Appellate Tribunal (ITAT), which had concluded that the reassessment order passed under Sections 143(3) read with 147 was barred by limitation under Section 153 of the Act. The assessee had filed its return of income for Assessment Year 2010-11 declaring a loss. Following a survey conducted in the Goldbricks Infrastructure Pvt. Ltd. ...