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2016 (6) TMI 458 - AT - Income TaxRevision u/s 263 - period of limitation for revision order - CIT(A) held that the assessee is not eligible for deduction to an amount in respect of gain of foreign currency loan, which was included and claimed as deduction u/s. 80IA before the AO by observing as it is not a profit and gain from industrial undertaking or enterprises engaged in infrastructure development u/s. 80IA of the Act - Held that:- The order passed u/s. 263 of the Act by the CIT was admittedly issued only on 01-05-13 diapatched by post only on 08-05-13 and served on assessee later and it was in his custody till 01-05-2013 and was issued only on 01-05-13. In other words it was the order was issued only after 01-05- 2013 after the expiry of the period of limitation. As held by the Hon’ble High Court in the case of Government Wood Works [1987 (1) TMI 451 - KERALA HIGH COURT ] to make the order complete and effective it should be issued so as to be beyond the control of the authority concerned. Therefore, the ratio of the Hon’ble Kerala High Court in the case of Government Wood Works supra is applicable to the facts of the present case. Respectfully following the same, we hold that the impugned order passed u/s. 263 of the Act by the CIT is barred by limitation - Decided in favour of assessee
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