Bombay HC says Expired Assessment Limitation Requires Acceptance of Returned Income

Laqshya Media's assessment had been remanded by the ITAT, but the Assessing Officer failed to pass the fresh assessment order within the extended statutory period ending 31.03.2023. The Bombay High Court directed acceptance of the returned income, and the Supreme Court on 30.09.2026 dismissed the Revenue's SLP, thereby leaving the High Court's decision undisturbed.