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TMI Blog2013 (9) TMI 959X X X X Extracts X X X X X X X X Extracts X X X X ..... stions of law in all three appeals have been raised by the revenue for our consideration. a) Whether the Commissioner of Income Tax1 Mumbai has a right to revise the order of the Assessing Officer (and also if necessary) set aside the assessment made u/s. 143(3) read with Section 147 as per order u/s. 263 of the Act, 1961, in such circumstances, specifically when it relates to use of bogus bills, non genuine parties by the assessee and such aspects which may constitute a direct attack on the interest of the revenue by dubious means of private assessee but it also opposed to public policy amounting to defrauding the state finances and is the direction of the Commissioner of Income Tax not valid and proper in asking the issues to be reexamin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts as stated in Income Tax Appeal No.2426 of 2011 for assessment year 200203. 4) The relevant facts in nut shell are that on 17 October 2002, the respondent filed its return of income for assessment year 200203 declaring the total income of Rs.30.98 lacs. The return of income filed by the respondent was accepted by the revenue and processed under Section 143(1) of the Act. Thereafter assessment for the assessment year 200203 was sought to be reopened by a notice under Section 148 of the Act. This reopening of the assessment was on the ground that the respondent has purchased imported goods/chemicals etc. from three parties viz. I) Casio Pharma 2) M/s. Vishnu Pharma Chem and 3) M/s. Verma Pharmaceuticals who were alleged to be bogus and non ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Assessing officer was directed to do the assessment denovo for the assessment year 200203 after following the principle of natural justice. 9) Being aggrieved, the respondent filed an appeal to the Tribunal. The Tribunal by the impugned order allowed the appeal. The impugned order held that the assessment order dated 28 June 2006 under Section 143(3) /147 of the Act had made an addition of Rs.25.14 lacs under Section 40A(3) of the Act on account of cash purchases made from M/s. Verma Pharmaceuticals. The assessment order also records the fact that there was no purchases from Casio Pharma and Vishnu Pharma Chem. In these circumstances, on the above issues the impugned order hold that the assessment order dated 28 June 2006 was not err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the decisions relied upon in the impugned order in Alagendran Finance Ltd. (supra) and Ashoka Buildcon Ltd. (supra) are inapplicable as they did not deal with the issue relating to bogus bills and non genuine purchases which arises in the present case. 11) As against the above, Ms. Vasanti Patel learned Counsel appearing for the assessee submits that the assessment order dated 28 June 2006 passed under Section 143(3)/147 of the Act dealt only with the issue of non genuine purchases. The impugned order holds that the issue dealt with in the order dated 28 June 2006 is not erroneous. This issues has been accepted by the revenue as no question with regard to that has been formulated. All other issues considered in the order passed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vides that no order would be made in exercise of jurisdiction under Section 263(1) of the Act after the expiry of two years from the end of the financial year in which the order sought to be revised was passed. It is an admitted position that the Commissioner of Income Tax has not exercised revisional jurisdiction in respect of order/intimation passed Section 143(1) of the Act within two years of it being passed. Therefore, exercise of jurisdiction on those issues under Section 263 of the Act is time barred as held by this Court in CIT vs. Anderson Marine & Sons (P) Ltd. 266 ITR 694. Moreover, in view of the decision of the Apex Court in the matter of Alagendran Finance Ltd. as well as our Court in the matter of Ashoka Buildcon Ltd.(supra) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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