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2014 (8) TMI 1215 - AT - Income TaxRevision u/s 263 - Reopening of assessment u/s 147 - HELD THAT:- CIT issued 263 show cause notice on 13.3.2014. It transpires that the CIT’s show cause notice is not within two years from assessment order dated 28.12.2006. It does not satisfy the basic condition stipulated in section 263(2) of the Act which envisages that no order u/s 263(1) shall be made after the expiry of two years from the end of financial year in which the order sought to be revised was passed. We draw support from case law CIT vs ICICI Bank Ltd [2012 (2) TMI 308 - BOMBAY HIGH COURT] wherein similar facts and circumstances are involved as reopening in question did not contain the issue raised in section 263 proceedings. Therefore, we hold that the CIT’s assumption of jurisdiction u/s 263 of the Act is beyond the time limit specified under the provisions of the Act. Thus, the CIT’s order is not sustainable. As we have accepted the assessee’s grounds on legality itself, we do not deem it appropriate to deal with the merits involved in this appeal. Assessee’s appeal is allowed.
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