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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 ..... is being subjected to exercise of powers by Revenue under Section 263 of the Act. Thus 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 - Decided against revenue - Income Tax Appeal No. 2412 of 2013 - - - Dated:- 7-1-2016 - M. S. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrived at under Section 115JB of the Act, the taxability was worked out on book profit. (b). On 22nd February 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 resulting in non-reflection of correct book profits under Section 115JB of the Act. By order dated 28th March 2011, the Commissioner of Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 263 of the Act sought to revise an order passed by the Assessing Officer consequent to the order in appeal by CIT(A). This was an issue which was not a subject matter of appeal proceedings. Therefore, the Court held that the two years' period is to be computed from the date of the original order passed by the Assessing Officer. In the present facts, admittedly the issue of Section 115JB of the Act was a subject matter of consideration only in the order dated 16th March 2005 passed under Section 143(3) of the Act and was not subject matter of consideration either of the CIT(A) dated 28th April 2011 or of the consequent order dated 17th November 2011 passed by the Assessing Officer. Consequently, the impugned order of the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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