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2016 (11) TMI 798 - ALLAHABAD HIGH COURTRevision u/s 263 - period of limitation - Subsidy by way of sales tax incentive received - revenue or capital receipt - Held that:- Notice under section 263(1) has been issued with reference to reassessment, apparently to cover up the bar of limitation. The reason obvious is that judicial precedents have made out a difference in a case where the entire assessment is reopened and a fresh reassessment order is passed and in a case where one or two items of assessment order are reassessed and reconsidered and in other respect, initial assessment order is maintained. Considering the fact that impugned notice dated June 8, 2016 issued by the Principal Commissioner of Income- tax, NOIDA, Gautambudh Nagar is in reference to some discrepancy in original assessment order dated October 31, 2011 and not reassessment order dated March 26, 2015, therefore, limitation would run from the date of regular order of assessment and in that view of the matter, impugned notice, evidently is barred by limitation prescribed under section 263(2) of Act, 1961. - Decided in favour of assessee
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