Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1195 - CALCUTTA HIGH COURTRevision u/s 263 - Period of limitation - Correct principles of law - deduction claimed by the assessee on account of premium paid for the accountant risked policy premium allowed by Tribunal - HELD THAT:- The action u/s 263 of the Act in so far as the premium paid was barred by limitation as laid down u/s 263(2) of the Act. We therefore quash the order u/s 263 of the Act on the ground of limitation. We may also add that even on merits we are of the view that the premium paid in question cannot be considered as one falling within the ambit of Explanation 1 to section 37 of the Act. Since we have decided the issue on the point of limitation we do not wish to elaborate on this aspect further. For the reasons given above we quash the order u/s 263 of the Act and allow the appeal of the assessee.
|