Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 1096 - HC - Income TaxRevision u/s 263 - Period of limitation - Reopening of assessment u/s 147 - HELD THAT:- As in response to show cause notice inter alia took a stand that the revisional power could not be exercised in view of the Bar of limitation as contained in Section 263(2) which provides that no Order could be revised after the expiry of two years from the end of the financial year, in which the Order sought to be revised was passed. CIT, however, did not accept the stand of the assessee and set aside the Order passed under Section 143(3) dated 14 December 2007 read with Order dated 16 November 2009 under Section 147 holding the same to be erroneous and prejudicial to the interest of revenue. This Order came to be challenged before ITAT, who vide its Order dated 16 January 2017 allowed the Appeal of the assessee on the ground that Order passed by CIT was passed on 31 March 2011 under Section 263(1) and was, therefore, barred by limitation, as such an Order could be passed only upto 31 March 2010, considering the fact that the Order that was sought to be revived by CIT was passed by AO on 14 December 2007. Not only this, the ITAT held on a question of fact that no notice in terms of Section 263(1) was served on the assessee in respect of the Order passed u/s 143(3) read with Section 147 dated 16 November 2009 and the show cause notice dated 18 March 2011 was only in respect of Order of assessment under Section 143(3) of the Act. We are of the view that the view expressed by ITAT does not warrant any interference and it was rightly held that the Order impugned passed by CIT was barred by limitation in terms of Section 263(2).
|