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2016 (1) TMI 868 - HC - Income TaxValidity of revision u/s 263 - order barred by time limitation - Held that:- The issue raised by the Appellant is no longer res-integra as an identical issue has been subject matter of consideration before this Court in the case of CIT v/s ICICI Bank Ltd., reported in (2012 (2) TMI 308 - BOMBAY HIGH COURT ) and CIT v/s Lark Chemicals Ltd., reported in (2013 (9) TMI 959 - BOMBAY HIGH COURT) wherein this Court has held that jurisdiction under Section 263 of the Act can be exercised only within the period of two years from the end of the financial year in which the order of the Assessing Officer was passed dealing with the issue which is being subjected to exercise of powers by Revenue under Section 263 of the Act. Thus Tribunal was correct in law in holding that order u/s 263 of the Income Tax Act, 1961 dated 28th March 2011 was barred by time limitation - Decided against revenue
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