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2016 (1) TMI 868 - BOMBAY HIGH COURT

2016 (1) TMI 868 - BOMBAY HIGH COURT - TMI - Validity of revision u/s 263 - order barred by time limitation - Held that:- The issue raised by the Appellant is no longer res-integra as an identical issue has been subject matter of consideration before this Court in the case of CIT v/s ICICI Bank Ltd., reported in (2012 (2) TMI 308 - BOMBAY HIGH COURT ) and CIT v/s Lark Chemicals Ltd., reported in (2013 (9) TMI 959 - BOMBAY HIGH COURT) wherein this Court has held that jurisdiction under Section 26 .....

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Sanklecha And B. P. Colawalla, JJ. For the Appellant : Mr Suresh Kumar For the Respondent : Ms A Vissanji with Mr S J Mehta ORDER P. C. 1. This Appeal arises out of an order dated 10th April 2013 passed by the Income Tax Appellate Tribunal (Tribunal), Mumbai under Section 263 of the Income Tax Act 1961. The impugned order is a common order passed for three Assessment Years viz. 2003-04, 2004-05 and 2006-07. The present Appeal relates to AY 2003-04. 2. The Revenue has pressed the following questi .....

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cer passed an order under Section 143(3) of the Act in respect of AY 2003-04 determining the book profits under Section 115JB of the Act at ₹ 194 crores while the profits under the normal provisions of the Act was arrived at ₹ 529/- crores. The Respondent - Assessee filed an Appeal to the Commissioner of Income Tax (Appeals) (CIT(A)) with regard to the income determined under the normal provisions of the Act. On 28th April 2008 the Appeal of the Respondent - Bank was allowed by the C .....

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2011, the Commissioner of Income Tax issued a notice under Section 263 of the Act seeking to set aside the order dated 17th November 2008 passed by the Assessing Officer giving effect to the order of the CIT(A). The basis of the notice was that the order dated 16th March 2005 passed under Section 143(3) of the Act while determining book profits under Section 115JB of the Act had not considered, the non-performing assets (NPA) of the Respondent - Assessee to the extent of ₹ 2.69 crores resu .....

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e Tribunal. This on the ground that the same is time barred as it was passed beyond the expiry of two years from the end of the financial year in which the order sought to be revised was passed. The grievance of the Respondent - Assessee before the Tribunal was that the issue of computation of book profits under Section 115JB of the Act was a subject matter of consideration only in the order dated 16th March 2005. The book profit so determined had not been varied and / or interfered with by the .....

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