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2018 (6) TMI 840 - HC - Income TaxDoctrine of Merger - Issue of notice u/s 148 - disallowance of interest paid to banks - revision u/s 263 - Chnage of opinion - Held that:- It can be construed to be 'Change of Opinion' only when the same issue dealt with in reassessment is raised again in proceedings u/s 263 - thus relying upon the judgement in Sat Pal Aggarwal's case (COMMISSIONER OF INCOME-TAX VERSUS SAT PAL AGGARWAL [2007 (2) TMI 104 - HIGH COURT, PUNJAB AND HARYANA] where it is held that reassessment proceedings and thereafter invocation of jurisdiction by Commissioner under Section 263 of the IT Act were on the same set of grounds - hence we agree with the conclusion of the learned single Judge that this is not a case of change of opinion u/s 263. Whether for the purpose of computing the period of limitation envisaged u/s 263(2), the date of order of assessment or that of the reassessment, is to be taken into consideration? - Held that:- As per the Alagendran Finance case (COMMISSIONER OF INCOME-TAX VERSUS ALAGENDRAN FINANCE LTD. [2007 (7) TMI 304 - SUPREME COURT] it is clear that when a notice u/s 263 raises new issues, which are not subject matter of the re-assessment proceedings, then the two year period contemplated under 263(2) would begin to run from the date of assessment and not from the date of re-assessment - hence reckoning date of the impugned notice for the purpose of Section 263(2) is not the date of re-assessment being 30.12.2016, but the date of scrutinizing the assessment i.e, 25.02.2015 - hence the impugned notice issued by the Revenue dated 16.08.2017 is set aside as being hit by limitation u/s 263(2) - therefore the notice is quashed.
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