Order dispatched beyond prescribed time limit is barred by limitation

OPG Securities Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that the date of dispatch from the adjudicating officer is relevant for determining the limitation period. Accordingly, assessment order dispatched beyond time limit prescribed u/s. 153(1) is barred by limitation. Facts- The assessee is a private limited company engaged in the business of trading in shares and securities and is a member of BSE and NSE. The return of income for A.Y. 2014-15 was filed by the assessee company on 25.11.2014 declaring total income of Rs 10,88,01,290. The assessment was completed u/s. 143(3) of the Act on 3...