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2023 (9) TMI 27 - ITAT KOLKATARevision u/s 263 - period of limitation - To be calculated from the date of original assessment or from the date of re-assessment after reopening - applicability of doctrine of merger - whether period of limitation commences from the date of original assessment and not from the date of reassessment? - HELD THAT:- As in the case of ICICI Bank Limited [2012 (2) TMI 308 - BOMBAY HIGH COURT] wherein has held that where the jurisdiction u/s 263(1) is sought to be exercised with reference to an issue which is covered by the original order of assessment u/s 143(3) and which does not form the subject matter of the reassessment, the limitation must necessarily begin to run from the date of order passed u/s 143(3). In the instant case before us also the issue on which the ld. PCIT proposed the revision of order framed u/s 144 r.w.s. 147 dated 29.09.2021, in which these two scrips were not the subject matter of re-assessment proceedings. Therefore, the period of limitation has to run from the date of assessment as framed under section 143(1) dated 18.06.2013 i.e. from the end of financial year 31.3.2016. We incline to hold that the revisionary jurisdiction exercised by the ld. PCIT is hopelessly barred by limitation. Appeal of the assessee is allowed.
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