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2017 (8) TMI 529 - AT - Income TaxRevision u/s 263 - adherence to time limit prescribed by the provisions - limitation period - the issue was under revision was not part of assessment u/s 143(3)/147 which was within 2 years - an addition was made u/s. 40A(3) on account of cash purchases from one of the three parties, that the assessment order also recorded the fact that there were no purchases from the other two parties - Held that:- the revisionary order of the CIT, was not passed within the time limit prescribed by the provisions of section 263 of the Act. The jurisdiction u/s. 263 could not be exercised on issues which were not subject matter of consideration while passing the order of reassessment u/s. 143(3) / 147 but a part of an assessment done earlier under the Act, that the contention that in the case of bogus bills and non-genuine purchases, i.e., where the State is being defrauded the limitation as provided u/s. 263 be ignored could not be accepted for the reason that neither the Tribunal nor in the appellate jurisdiction, could ignore the mandate of limitation provided under the Act. This was an issue which would fall within the domain of Parliament so as to make suitable amendment to the law after considering the various competing interests. - See CIT v/s M/s. Lark Chemicals Ltd.[2013 (9) TMI 959 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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