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2022 (3) TMI 1021 - ITAT PATNAValidity of Revision u/s 263 - Period of limitation - date from which limitation begin to run - issue covered by the original order of assessment under section 143(3) or from reassessment - whether order of Ld. PCIT is barred by limitation under the Act as the period of two years under section 263(1) of the Act is to be reckoned from the date of original assessment framed under section 143(3) dated 31.03.2016 and not from the dated reassessment order passed under section 143(3) read with section 147 of the Act dated 31.12.2018? - HELD THAT:- Hon'ble Bombay High Court in the case of CIT vs. ICICI Bank Limited [2012 (2) TMI 308 - BOMBAY HIGH COURT] as held that where the jurisdiction under section 263(1) of the Act is sought to be exercised with reference to an issue which is covered by the original order of assessment under section 143(3) of the Act and which does not form the subject matter of the reassessment, the limitation must necessarily begin to run from the date of order passed under section 143 The issue on which the Ld. PCIT proposed the revision of reassessment order dated 31.12.2018, we note that the issue of payment of bogus commission was not the subject matter of reassessment proceedings. Therefore, the period of limitation has to run from the date of assessment as framed under section 143(3) dated 31.03.2016. In view of this, we incline to hold that the revisionary jurisdiction exercised by the Ld. PCIT is hopelessly barred by limitation. The appeal of the assessee is allowed.
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