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TMI Blog2016 (1) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... or our consideration :- "Whether on facts and circumstances of the case, the Tribunal was correct in law in holding that order u/s 263 of the Income Tax Act, 1961 dated 28th March 2011 was barred by time limitation without appreciating that as per section 263(2) of the Income Tax Act the time limitation for revision of order u/s 250 of the Income Tax Act dated 17/11/2008 was upto 31st March 2011 ?" 3. Briefly, the admitted facts are as under :- (a) On 16th March 2005, the Assessing Officer 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 Rs. 194 crores while the profits under the normal provisions of the Act was arrived at Rs. 529/- crores. The Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of Assessing Officer for further determination. (c) Being aggrieved, the Respondent - Assessee challenged the order dated 28th March 2011 passed by the Commissioner of Income Tax under Section 263 of the Act before the 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 CIT(A). Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l issue has been subject matter of consideration before this Court in the case of CIT v/s ICICI Bank Ltd., reported in (2012) 343 ITR 74 (Bom) and in the case of CIT v/s Lark Chemicals Ltd., reported in (2015) 55 taxmann.com 446 (Bombay) wherein this Court has held that jurisdiction under Section 263 of the Act can be exercised only within the period of two years from the end of the financial year in which the order of the Assessing Officer was passed dealing with the issue which is being subjected to exercise of powers by Revenue under Section 263 of the Act. 5. In the above view, as the question framed is covered by the orders of this Court in ICICI Bank Ltd. (supra) and Lark Chemicals Ltd. (supra) the question of law as proposed does no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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