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2009 (10) TMI 327 - KERALA HIGH COURTRevision- Limitation- The appellant-assessee was engaged in arrack business during the previous year relevant for the assessment year 1992-93. Even though profit and loss account filed along with the income-tax returns showed net income of Rs. 10,53,607 the assessee returned income from arrack business only at Rs. 5,25,645, which was income assessable under section 44AC of the Income-tax Act, 1961. The assessment was completed ignoring the higher income shown in the profit and loss account as income from arrack business, but by accepting the income under section 44AC of the Act. The original assessment was completed on February 7, 1995. The assessee filed appeal against the assessment before the Commissioner of Income-tax (Appeals) set aside the assessment and remanded the case back to the assessing officer for the purpose of reconsidering the certain addition contested by the assessee in the appeal.. Held that- dismissing the appeal. The order of the Commissioner under section 263 issued on March 30, 2000 was within two years from the end of the financial year in which the revised assessment was issued that was on March 6, 1998. Therefore, the order of revision was within time.
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