Key Takeaways from the Parexel ITAT Ruling: Time-Barred Income Tax Assessments

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Source: Key Takeaways from the Parexel ITAT Ruling: Time-Barred Income Tax Assessments

The Parexel ITAT ruling strongly reinforces that income tax assessments must be completed within the statutory limitation period. Any order passed beyond the prescribed timeline is legally invalid, regardless of merits. The judgement highlights that administrative delays or internal inefficiencies cannot override statutory deadlines and upholds the taxpayer’s right to certainty and due process. SKMC Global assists businesses by proactively managing assessment timelines.