Recently, the Delhi Income Tax Appellate Tribunal (ITAT) while granting relief to Fiber Home India held that the final assessment order issued beyond of limitation under Section 144C of the Income Tax Act, 1961 is null and void.
Section 144C of Income Tax Act, 1961 states that the assessing officer shall pass a draft assessment order before passing the final assessment order in respect of the eligible assessee.
K. M. Gupta, and Shruti Khimta, counsels appeared for the assessee. Bhaskar Goswami appeared for the revenue.
Assessee Fiber home India Pvt. Ltd is engaged in the business of manufacturing telecommunication equipment and providing maintenance and other allied services o f telecommunication equipment in India.
Against the final order passed by the assessing officer, assesee filed the appeal before the Tribunal. The ground for appeal was that the order passed by the Assessing Officer is beyond the period of limitation.
The tribunal, after considering the records found that the final order passed by the Assessing Officer is beyond the period of limitation as provided under section 144C of the Income Tax Act and hence, the same was declared as null and void.
The two member bench of B. R. R. Kumar, (Accountant Member) and Yogesh Kumar US, (Judicial Member) allowed the appeal of the assessee.
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