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2018 (7) TMI 1556 - AT - Income TaxRevision u/s 263 - period of limitation - exemption claimed u/s 10B / 10A as disallowed and also interest expenditure for the reason that there was diversion of funds not for the purpose of business - Held that:- When Commissioner invokes his revisionary jurisdiction u/s 263 on issues which are not considered in the reassessment order, the time limit for invoking the revisionary jurisdiction will run from the date of the original assessment order and not from the reassessment order. See M/S. INDIRA INDUSTRIES VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX, CHENNAI [2018 (6) TMI 840 - MADRAS HIGH COURT] In the instant case, since the subject matter of revisionary proceedings u/s 263 of the I.T.Act are not covered under the reassessment order dated 17.03.2015, the reassessment order cannot be considered for the time limit purpose u/s 263. Therefore, if the assessment order u/s 143(3) of the I.T.Act dated 26.04.2013 is reckoned, the Commissioner’s order dated 27.03.2017 passed u/s 263 was time barred and same cannot be sustained. - Decided in favour of assessee.
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