Time Limit Violation Cancels Tax Assessment Order: Madras HC

Taeyang Metal India Private Limited Vs DCIT (Madras High Court) This article explores a recent decision by the Madras High Court in the case of Taeyang Metal India Private Limited vs. DCIT (Madras High Court). The Court ruled that a time limit violation rendered a tax assessment order invalid. This case emphasizes the significance of adhering to prescribed timelines in tax assessments in India. Background The petitioner, Taeyang Metal India Private Limited, challenged an assessment order issued by the Income Tax Department for the assessment year 2018-2019. The Department identified discrepanc...