Sec 124(3) Time Limit Not Applicable to AO’s Lack of Jurisdiction: Bombay HC

Bansilal B. Raisoni & Sons Vs ACIT (Bombay High Court) Bombay High Court has disposed of a petition filed by Bansilal B. Raisoni & Sons, a partnership firm, challenging notices issued under Section 153A of the Income Tax Act, 1961. While acknowledging some of the petitioner’s legal contentions, the High Court declined to intervene at this preliminary stage, directing the firm to pursue available remedies within the income tax assessment framework. The court’s decision, delivered on July 16, 2025, underscores the principle of exhausting alternative remedies, particularly whe...