Summary
- The ITAT Hyderabad has quashed assessment orders, ruling they were time-barred under Section 153.
- This decision came despite the ongoing Dispute Resolution Panel (DRP) process, emphasizing strict adherence to statutory limitations.
- Both assessments were annulled after applying the limitation period prescribed under the Act.
- This ruling could set a precedent for future cases regarding the enforcement of timelines in tax assessments.
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