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2021 (9) TMI 1166 - AT - Income TaxRevision u/s 263 - order passed under Section 143(3) r.w.s. 147 was made without examining the provision of Section 57 - HELD THAT:- As once the issue has been examined in the order passed under Section 143(3) in the order passed u/s 143(3) r.w.s. 147 of the Act the Ld. AO is not further required to revisit the same issue and, thus, the Ld. PCIT has wrongly passed order setting aside the order passed under Section 143(3) r.w.s. 147 of the Act which is impugned before us - It appears from the order dated 13.03.2015 passed by the Ld. AO that the disallowance under Section 57 of the Act for interest has been made upon verification of the records and upon due application of mind. Revision barred by limitation - As impugned under Section 263 of the Act passed by the Ld. PCIT is barred by limitation in view of the particular fact that the original assessment order under Section 143 of the Act was passed on 13.03.2014 and the revision thereof could have been taken by 31.03.2016 within two years from the end of the Financial Year. However, the order impugned was passed much after that. The order is non-est in the eye of law and, thus, liable to be quashed - see JINDAL STEEL AND POWER LTD. VERSUS PR. CIT, GURGAON. [2020 (5) TMI 360 - ITAT DELHI] - Decided in favour of assessee.
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