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2021 (10) TMI 352 - AT - Income TaxRevision u/s 263 by CIT - Assessment u/s 153A - period of limitation period for issuance of notice prescribed under Section 263(2) - whether incriminating documents shown to have been found in the course of search? - HELD THAT:- As in the absence of incriminating documents shown to have been found in the course of search, the Assessing Officer was precluded from making any additions/disallowances on the issue in the search assessment under Section 153A of the Act where both the assessments in question stood concluded and remained unabated at the time of search. The position of law on this point is well settled and does not require elaboration. Thus, we find merit in the plea of the assessee that limitation period in such case will have to be reckoned from the original assessment and not with reference to the subsequent post search assessment which is sought to be revised. seen with reference to the original assessments for the respective assessment years, apparently the limitation period for issuance of notice prescribed under Section 263(2) of the Act stood expired. The show-cause notice issued under Section 263(1) of the Act is thus, at the threshold, time barred and thus non est. The consequential revisional order under Section 263 for both the assessment years giving directions to the Assessing Officer for revision of the impugned assessment orders passed under Section 153A of the Act thus cannot survive. - Decided in favour of assessee.
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