TMI Blog2021 (12) TMI 768X X X X Extracts X X X X X X X X Extracts X X X X ..... lowability u/s 115JAA - HELD THAT:- As decided in M/S. APEEJAY SHIPPING LIMITED [ 2021 (12) TMI 262 - CALCUTTA HIGH COURT] the order passed by the CIT u/s 263(2) is hopelessly barred by limitation. The Tribunal rightly held that the period of limitation has to be reckoned from the date of the order passed by the AO under Section 143(3) read with Section 263 and not from the date of the order pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw: i) Whether the Income Tax Appellate Tribunal is justified in law to declare the impugned revision assessment order of the Assessing Officer dated 29.01.2016 as non-est and is justified on allowing the appeal of assessee against order u/s 263 in technical ground without justifying the legislative intention of sec 115JB 115JAA? We have heard Mr. S.N. Dutta, learned Senior Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Credit as per the provisions of section 115JAA was actually allowed by the Assessing Officer originally in the assessment completed under section 143(3) read with section 263 passed on 08.12.2011 and in the appeal filed by the assessee against the said order, the limited issue involved was whether the MAT Credit allowed by the Assessing Officer should include the amount of surcharge and education ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... originally allowed and not in the order dated 29.11.2012 passed by the Assessing Officer under section 143(3) read with section 263 and 251 whereby the MAT Credit already allowed was only increased by the Assessing Officer by the amount of surcharge and education cess while giving effect to the appellate order of the ld. CIT(Appeals). We find that the above fact recorded by the Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order passed by the tribunal. Accordingly, the appeal fails and is dismissed. The substantial question of law is answered against the revenue. The stay application also stands closed. Thus, following the order, the appeal stands dismissed and the substantial question of law is answered against the Revenue. The application being IA No. GA 2 of 2021 also stands dismissed. - - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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