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2020 (10) TMI 412 - AT - Income TaxValidity of exercise of revisional jurisdiction u/s 263 - time limit for completion of assessment, reassessment and re-computation - time limit to do so as provided in Sec.153(3) as well as Sec. 153(5) expired - HELD THAT:- The provisions of Section 153 provide time limit for completion of assessment, reassessment and re-computation. As per sub section (3), an order of fresh assessment pursuant to Section 263, setting aside or cancelling an assessment, may be made at any time before the expiry of 9 months from the end of financial year in which order u/s 263 has been passed by revisional authority. This period, in assessee’s case is 31/12/2019. The proviso to the said sub-section extending the time limit to 12 months is not applicable since revisional order has been passed prior to 01/04/2019. As per sub-section (5), where effect to an order u/s 263 was to be given by Assessing officer, wholly or partly, otherwise than by making a fresh assessment or reassessment, such effect shall be given within a period of 3 months from the end of the month in which the order u/s 263 has been passed by revisional authority. As per proviso to this sub-section (5), where it is not possible for Ld. AO to give effect to such order within the aforesaid period for reasons beyond his control, the prescribed authority may allow an additional period of 6 months to give effect to that order. Allowing this extended period to assessee’s case, the time limit to pass the consequential order would be 31/05/2019. Viewing from any angle, the time limit to pass consequential order has already been expired and the same has become time-barred. In fact, no such order has been passed till date. Consequently, the plea of Ld. Sr. Counsel has to be accepted and therefore, the appeal would stand dismissed as being infructuous.
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