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B. M. SHYAM PRASAD
United Spirits Limited – Appellant
Versus
Assistant Commissioner of Income Tax – Respondent
| Table of Content |
|---|
| 1. overview of petitioner and assessment years (Para 1 , 2 , 3) |
| 2. cit appeals outcomes and itat's directions (Para 4 , 5 , 6) |
| 3. petitioner's refund applications and computations (Para 7 , 8 , 9) |
| 4. substituted provisions of section 153 of the it act (Para 10 , 11 , 12 , 13 , 14) |
| 5. court's inquiry on itat orders and timeliness of assessment (Para 15 , 16 , 17) |
| 6. differentiating full assessments versus limited reconsiderations (Para 18 , 19 , 20) |
| 7. legislative intent and amendments regarding assessment timelines (Para 21 , 22 , 23 , 24) |
| 8. panel's order on refund claims and considerations (Para 25 , 26 , 27 , 28) |
ORDER :
1. The petitioner has impugned the notices dated 05.11.2020 and 06.11.2020 issued by the first respondent to extend an opportunity of hearing after the Income Tax Appellate Tribunal's (ITAT) common Order dated 31.03.2015 in (a) ITA No. 1277/Bang/2010, (b) ITA No. 424 & 605 (Bang) /2013 and (c) ITA No. 652 & 653(Bang) 2013. The petitioner further seeks directions to the respondents to refund certain amounts with applicable interest corresponding to the three assessment years.
2. A brief conspectus of facts leading to these impugned notices is stated thus. T
Timelines for income tax assessments are strictly regulated; actions exceeding those timelines are impermissible, reinforcing that expired timelines hinder subsequent assessments.
Tax authorities must adhere to statutory time limits when passing orders; failure results in entitlement to refunds and interest for taxpayers.
The main legal point established in the judgment is the interpretation and applicability of the time limits prescribed under Section 153(2A) and Section 153(3) of the Income Tax Act, 1961 in the cont....
The assessment order was invalid as it was issued beyond the limitation period prescribed under Section 153 of the Income Tax Act, necessitating adherence to statutory timelines.
Taxation - Liability to pay additional interest - Interest u/s 244A(1A) would not accrue in cases of fresh assessment or reassessment; use of words ‘wholly or partly’ therein would again indicate tha....
The limitation period for completing assessments following a Tribunal's order is governed by Section 153(2A), mandating a one-year limit from the end of the financial year of the Tribunal's decision.
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