Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 766 - AT - Income TaxRevision u/s 263 - CIT directing the Assessing Officer not to allow carry forward and set off of unabsorbed depreciation - rectification of mistake - Held that:- On the perusal of the order passed by the CIT, it becomes clear that he has not disturbed the set off of brought forward unabsorbed depreciation of ₹ 93,63,019/- from the income of the assessee. The CIT has only modified the order of the Assessing Officer to the extent of allowing carry forward of unabsorbed depreciation of 55,52,124/- to the subsequent assessment year as it is beyond 8 years. Furthermore, the department has no remedy against an order passed u/s 154 of the Act excepting invoking the revisionary power u//s 263 of the Act. In aforesaid view of the matter, we hold that the order passed by the CIT is valid in law and accordingly the same is confirmed. Contention of the learned AR that the order passed u/s 263 is barred by limitation is not acceptable. The contention of the learned AR that the time limit to initiate proceedings u/s 263 is from the order u/s 143(3) is not correct. Sub-section (2) of Section 263 makes it clear that no order u/s 263 shall be made after the expiry of two years from the end of the financial year in which the order sought to be revised, was passed. In the present case, the order u/s 154 was passed on 17-3- 2010. Hence, the order passed u/s 263 of the Act is within the period of limitation. In view of our finding hereinabove that there was no mistake apparent on the face of record which could have been rectified by the Assessing Officer and no separate adjudication is required with regard to it - Decided against assessee.
|