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2021 (9) TMI 281 - AT - Income TaxRevision u/s 263 by CIT - period of limitation - CIT setting aside order passed u/s 143(3) r.w.s. 147 on the ground that the same is erroneous and prejudicial to the interest of the revenue as the issue of share capital and share premium were not verified by the AO - Assessee argued revisionary proceedings as barred by limitation in terms of section 263(2) - HELD THAT:- We are quite convinced with the submissions of the assessee that period of limitation has to be taken from the original assessment order dated 11.03.2013 and not from re-assessment order dated 29.12.2017. It is also true that the issue which was subject matter of revisionary proceedings u/s 263 of the Act was not at all subject matter of re-assessment proceedings u/s 147 of the Act nor addition was made on the items of escapement of income as recorded u/s 148(2). The revisionary order is barred by limitation and accordingly the entire proceedings are invalid and nullity. The case of the assessee is squarely covered by the decision of the Apex court in the case of CIT Vs. Alagendran Finance Ltd. [2007 (7) TMI 304 - SUPREME COURT]wherein the very same issue of limitation has been decided in favour of the assessee under similar facts. - Decided in favour of assessee.
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