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2022 (6) TMI 1358 - HC - Income TaxRevision u/s 263 - CIT setting aside the 2nd assessment orders - question of limitation - whether principle of merger of original assessment with the reassessment order, does not apply, when the issues settled in the original assessment order remain untouched in the reassessment order? - HELD THAT:- Limitation to invoke jurisdiction under Section 263 of the Act in respect of the issues that stood resolved in the original assessment, ought to be reckoned from the date of original assessment. Tribunal correctly allowed the appeals, holding that the assessments are barred by limitation. We find that the order of the Tribunal holding that the exercise of power under Section 263 of the Act by the Commissioner of Income Tax is barred by limitation in terms of the judgment of Alagendran Finance Ltd. [2007 (7) TMI 304 - SUPREME COURT] does not warrant any interference. The substantial question of law relating to limitation is answered against the Revenue. Accordingly, the appeals stand dismissed. Substantial question of law pertaining to deduction of 10% of cumulative advances under section 36(1)(viia) raised herein, is left open for adjudication in appropriate cases.
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