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2012 (2) TMI 210 - ITAT MUMBAIRevocation - Assessment under 143 - Income calculated under normal provision of act - profit on sale of investment excluded - Book Profit under 115JB higher - CIT: assessment do not put finality to Book profit, invoked 263 - Held That:- In view of CIT vs. Hemraj Udyog (2002 - TMI - 12196 - RAJASTHAN High Court), Commissioner of Income Tax has power to revise the order of the AO on the issues which were not taken in appeal before the CIT. But if the limitation has expired, the CIT cannot revise the original order of the AO beyond the period of limitation. Since in the instant case, AO passed order on 28.03.2006, notices issued by the CIT u/s.263 on 17.11.2009 and 01.02.2010, therefore, the notices issued u/s. 263 are clearly beyond the period of limitation.
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