Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (4) TMI 152 - HC - Income TaxPower to revise an order u/s 263 – period of limitation to revise an order by CIT - On 30 October 2005 the return was revised. - On 27 December 2007 an order of reassessment was passed under Section 143(3) read with Section 147 in terms of which the claim under Section 72A was disallowed. - On 30 April 2009 the Commissioner of Income Tax-I, Nasik issued notice by which the powers conferred by Section 263 are sought to be invoked. It has been observed that the assessment order passed on 27 December, 2007 for assessment year 2004-05 was erroneous and prejudicial to the interests of the Revenue. Held that: The substantive part of Section 147 as well as Explanation 3 enables the Assessing Officer to assess or reassess income chargeable to tax which he has reason to believe had escaped assessment and other income which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under the section. There is nothing on the record of the present case to indicate that there was any other income which had come to the notice of the Assessing Officer as having escaped assessment in the course of the proceedings under Section 147 and when he passed the order of reassessment. The Commissioner, when he exercised his jurisdiction under Section 263, in the facts of the present case, was under a bar of limitation since limitation would begin to run from the date on which the original order of assessment was passed. We must however clarify that the bar of limitation in this case arises because the revisional jurisdiction under Section 263 is sought to be exercised in respect of issues which did not form the subject matter of the reassessment proceedings under Section 143(3) read with 147
|