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2018 (5) TMI 1538 - AT - Income TaxRevision u/s 263 - Period of limitation - Period to be computed from the date of original assessment or from the date of order of re-assessment - Disallowance of depreciation on a building which is let out - Held that:- it is clear from the facts on record that the issue of claim of depreciation on the building was never an issue in the re–assessment proceedings.Rather, the issue of claim of depreciation, if at all, arises out of the original assessment order passed under section 143(3). The Hon'ble Jurisdictional High Court in Lark Chemicals Ltd. (2013 (9) TMI 959 - BOMBAY HIGH COURT) while dealing with identical issue has held that if the issue on which the proceedings under section 263 of the Act is initiated is not a subject matter of the assessment order passed under section 143(3) r/w 147 of the Act, then the limitation period has to be reckoned from the original assessment order passed under section 143(3) of the Act or if the return of income was processed under section 143(1) of the Act, then from the date of intimation under section 143(1) of the Act. The impugned order passed under section 263 of the Act is barred by limitation prescribed under section 263 of the Act, since, it was passed more than two years after the end of the financial year in which the original assessment order - Decided against the revenue.
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