Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 1381 - ITAT CHENNAIRevision u/s 263 - Period of limitation - whether order passed u/s.263 is barred by limitation u/s.153(5)? - HELD THAT:- As per Sub-section (3) of Section 153 of the Act, an order of fresh assessment in pursuance of an order u/s.263 of the Act, setting aside or cancelling an assessment, may be made at any time before the expiry of nine months from the end of the financial year in which the order u/s.263 of the Act is passed by the Commissioner. Therefore, the order giving effect to that order passed by the AO dated 26.02.2016 is clearly beyond the time limit allowed u/s.153(3) of the Act and hence the ld.AR’s plea is sustained. The order of the AO dated 26.02.2016 is quashed. Assessee appeal allowed.
|