Gujarat HC says Valuation Reference Cannot Artificially Extend Assessment Limitation

Slimtile's assessment for AY 2021-22 was due to become time-barred on 25 June 2023. The Assessing Officer referred the valuation of fixed assets to the DVO on 24 June, thereby seeking to invoke the Section 153 exclusion. 

Gujarat HC found that the valuation issue had not formed part of the earlier SCNs, had already been addressed by the assessee, and that the reference was artificially created to extend limitation - and quashed it.