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2024 (5) TMI 1022 - RAJASTHAN HIGH COURTValidity of Revision proceedings u/s 263 - period of limitation - period of limitation for passing order u/s 263 reckoned from the date of the original assessment order or from the date of the reassessment order - HELD THAT:- This Court, on a careful perusal of the judgment rendered in the case of Industrial Development Bank of India Ltd. [2023 (6) TMI 1047 - SUPREME COURT] followed by case of Chambal Fertilisers and Chemicals Limited [2024 (2) TMI 1381 - RAJASTHAN HIGH COURT] finds that the reassessment order in its original form the consequential order passed on 25.03.2022 are strictly within the ambit of the escaped assessment of job charges. It is not the case of the petitioner that the original assessment order could not have been within the ambit of Section 263 under the revisionary jurisdiction but the petitioner’s contention is limited to the extent that once the reassessment of the escaped assessment in limited jurisdiction has happened on 25.03.2022, the revision would also have the same limited ambit for the purpose of limitation prescribed in Section 263(2) of the Act of 1961, which is of two years only, for the purpose of job work charges, which would encompass the controversy as regards the impugned notice. This Court is conscious of the fact that the petitioner may have had a case to challenge the original assessment order, but at the same time, has lost the battle in terms of the Law of Limitation as the Hon’ble Apex Court in Commissioner of Income Tax Vs. Industrial Development Bank of India Ltd. [2023 (6) TMI 1047 - SUPREME COURT] in which it has been clearly laid down that if the subject matter of the reassessment is distinct and different, in that case the relevant date for the purpose of determination of the period of limitation for exercising powers u/s 263 would be the date of original assessment order, which makes the revision proceedings to be ex facie illegal on the face of it on count of limitation. Revision proceedings set aside - Decided in favour of assessee.
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