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2014 (6) TMI 1045 - HC - Income TaxAssessment passed on revised return - revised return was filed beyond time - As per order of assessment framed by the Assessing Authority on the basis of such invalid revised return is a nullity and the Tribunal also held that even if the order of assessment is held to be passed on the original return, it was barred by limitation as it is hit by Section 153 - HELD THAT:- Assessment order was passed not on the basis of the revised return but on the basis of the original return and therefore the amount claimed as exemption was also liable to be taxed. Tribunal committed a serious error in holding that the assessment order is passed on the basis of the invalid return filed beyond time. Therefore, it is a clear case of misreading. The order passed by the tribunal is ex-facie illegal and therefore the said order requires to be set aside and accordingly it is set aside. The return was filed for the assessment year 2001-02. The previous year begins from 1-4-2000 to 31-3-2001 and end of the assessment year is 31-3-2002. In view of Section 153(1)(a), two years period is prescribed for passing of the assessment order which ends on 31-3-2004. The assessment order was passed on 31-3-2004 and therefore, the order passed by the Assessing Authority on the basis of the original return is in time. Unfortunately, the Tribunal had not applied its mind properly and erroneously came to the conclusion that even if the assessment order is to be held as the assessment order passed on the originalreturn, it is barred by time which again is ex-facie illegal and requires to be set aside. Appeal is allowed. The impugned order passed by the Tribunal is hereby set aside and the order of the Assessing Authority is restored. - Decided against the assessee.
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