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2021 (8) TMI 506 - ITAT RAIPURRevision u/s 263 - disallowance under section 43B - HELD THAT:- It is an admitted position under the law that at the time of search, assessment for the assessment year under consideration was not pending, therefore the assessment for the A.Y. 2008-09 remained unabated. Further, in the assessment order passed u/s 153A r.w.s. 143(3), there was no issue that any incriminating material with regard to disallowance under section 43B was passed. The time limit for revising the assessment order, if any, for A.Y. 2008-09 could be passed within two years from the end of financial year in which the order sought to be revised was passed. Admittedly, the impugned order is passed by the ld. PCIT on 08/02/2016 which is much beyond the prescribed period of limitation of two years from the end of relevant assessment year. Our view is also supported in CIT Vs Alagendran Finance Ltd. [2007 (7) TMI 304 - SUPREME COURT] and in CIT Vs. ICICI Bank Ld.[2012 (2) TMI 308 - BOMBAY HIGH COURT]. Accordingly, the action initiated under section 263 is barred by time period prescribed under section 263(2) of the Act. Thus, the revision order passed qua A.Y. 2008-09 is bad in law and subsequent action initiated therein is void ab-initio.- Decided in favour of assessee.
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