Order u/s. 201(1) passed beyond prescribed time limit untenable: ITAT Delhi

DCIT Vs Turner General Entertainment Net works India Limited (ITAT Delhi) ITAT Delhi held that assessment order passed under section 201(1) of the Income Tax Act beyond the prescribed time limit is liable to be set aside. Accordingly, appeal filed by the revenue dismissed. Facts- The assessee is a domestic/resident company principally engaged in the business of broadcasting general entertainment television channel imagine TV (formerly known as NDTV imagine). AO has completed the assessment u/s 201(1)/ (1A) of the Act, holding that the assessee company in default to deduct tax for amount of Rs ...