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2013 (1) TMI 595 - HC - Income TaxRevision of order by CIT u/s 263 – Computation of Period of limitation – from the date of the order of original assessment or from the order of assessment passed after remanded back by Tribunal, and CIT exercising his revisional jurisdiction u/s 263 reopened the order of assessment only in relation to the issue which was not subject matter of the appeal or issues remand back Held that:- Yes, the order is barred by limitation. Following the decision in case of Alagendran Finance Ltd. (2007 (7) TMI 304 - SUPREME COURT) that the CIT exercising his revisional jurisdiction reopened the order of assessment only in relation to issue which was not subject matter of the reassessment proceedings, it was held that the period of limitation provided for under sub-section (2) of section 263 would begin to run from the date of the order of assessment and not from the order of reassessment. The scope of remand pursuant to the order of the Tribunal remitting the matter to the A.O., was limited to the addition of Rs. 59,56,000/-, evidently, therefore, such deduction u/s 80I was not in issue in the remand proceedings. Under the circumstances, the limitation qua the issue of grant of deduction u/s 80I would have to be computed from the date of the original assessment order wherein the Assessing Officer had granted 30% deduction on the total income inclusive of the income u/s 68, that is, from 28th March, 1995. When so computed, the order dated 30th March, 2007 passed u/s 263, is hopelessly time barred, the prescribed period of limitation for making such order being two years from the end of the financial year in which the order sought to be revised was passed - In favour of assessee
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