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2016 (6) TMI 784 - AT - Income TaxRevision u/s 263 - period of limitation - allowing credit for MAT as per section 115JAA, which, according to him, was wrongly allowed by the Assessing Officer in the absence of any actual payment made by the assessee towards MAT - period of limitation - Held that:- Referring to the decision of the Hon'ble Supreme Court in the case of Alegendran Finance Ltd. (2007 (7) TMI 304 - SUPREME Court ) and having regard to the facts of the case, we are of the view that the period of limitation for A.Y. 2007-08 has to be reckoned from the date of order passed by the Assessing Officer under section 143(3) read with section 263, i.e. 08.12.2011 and not from the date of order passed by the Assessing Officer under section 143(3) read with sections 263 and 251, i.e. 29.11.2012 as the issue relating to the MAT credit on which the assessment for A.Y. 2007-08 was sought to be revised by the ld. CIT was decided in principle by the Assessing Officer vide his order dated 08.12.2011 passed under section 143(3) read with section 263 and since the impugned order under section 263 passed by the ld. CIT for A.Y. 2007-08 on 30.03.2015 was beyond the period of two years from the end of the financial year, in which the order dated 08.12.2011 sought to be revised was passed, the same is barred by limitation as provided in section 263(2) of the Act. The said order passed by the ld. CIT under section 263 for A.Y. 2007-08 is accordingly cancelled treating the same as invalid and the appeal of the assessee for A.Y. 2007-08 is allowed. As a result of our decision rendered above cancelling the order passed by the ld. CIT under section 263 for A.Y. 2007-08 and restoring the order of the Assessing Officer for that year whereby he allowed the MAT credit to the assessee, the orders passed by the Assessing Officer for the subsequent three years, i.e. A.Ys. 2008-09, 2009-10 and 2010-11 allowing adjustment for such MAT credit cannot be said to have any error as alleged by the ld. CIT called for revision under section 263 and this consequential position is not disputed even by the ld. D.R - Decided in favour of assessee
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