Proceedings u/s. 144C has to be concluded within limitation prescribed u/s. 153(3)

ACIT Vs Shelf Drilling Ron Tappmeyer Ltd. Etc (Supreme Court of India) Supreme Court held that time consumed for concluding the proceeding u/s. 144C of the Income Tax Act has to be subsumed within the limitation prescribed u/s. 153 (3). If orders are not made within the time stipulated u/s. 153(3), then there would be no final assessment order and the return as filed by the assessee would have to be accepted. Facts- In the present cases, the respondents in the first batch of cases being non-resident assessees engaged in the business of exploration in terms of Section 44BB of the Income Tax Act...