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2018 (5) TMI 1258 - AT - Income TaxRevision u/s 263 - reopening of assessment initiated - Commissioner wanted to revise the order passed by the A.O. u/s 143(3) r.w.s. 147 on the ground that there are certain omissions and commissions in the order passed u/s 143(3) - Held that:- In this case, the A.O. has reopened the assessment for the escapement of income and the same is offered for taxation and assessment is completed. We find that the order passed by the A.O. u/s 143(3) r.w.s. 147 of the Act dated 31.12.2010 is neither erroneous nor prejudicial to the interest of the revenue. Therefore, on this count, the order passed by the Ld. Commissioner u/s 263 of the Act dated 22.3.2013 is quashed. Period of limitation - Held that:- In this case, the assessing officer passed an order u/s 143(3) of the Act on 31.12.2009. If at all, the Ld.Commissioner wanted to exercise power u/s 263 of the Act, he has to issue a notice on or before 31.12.2011. In this case, he has issued notice on 04.03.2013 and the order was passed on 22.3.2013, which is time barred. Therefore, on this count, the order passed by the Ld. Commissioner cannot survive - Decided in favour of assessee.
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