Patna HC: 4 Years Reasonable Limitation for Order u/s 201 of Income Tax Act

ITO Vs Indian Oil Corporation Ltd (Patna High Court) Introduction: The Patna High Court recently dismissed an appeal filed by the Income Tax Department against Indian Oil Corporation Ltd (IOCL). The appeal pertained to the limitation period for an order under Section 201 of the Income Tax Act. The court examined whether a reasonable time limit should apply in the absence of a specific statutory limitation. Analysis: The court found that the assessment orders under Section 201(1) and 201(1A) of the Income Tax Act were passed on 27th April 2007, for the assessment years 2002-03 and 2003-04. Howe...