9911796707
TMI Blog2022 (7) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 holding the same to be erroneous and prejudicial to the interest of revenue. This Order came to be challenged before ITAT, who vide its Order dated 16 January 2017 allowed the Appeal of the assessee on the ground that Order passed by CIT was passed on 31 March 2011 under Section 263(1) and was, therefore, barred by limitation, as such an Order could be passed only upto 31 March 2010, considering the fact that the Order that was sought to be revived by CIT was passed by AO on 14 December 2007. Not only this, the ITAT held on a question of fact that no notice in terms of Section 263(1) was served on the assessee in respect of the Order passed u/s 143(3) read with Section 147 dated 16 November 2009 and the show cause notice dated 18 Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.3,42,36,260/-. The assessment under Section 143(3) was completed on 14 December 2007 at an income of Rs.5,04,99,620/-. Vide an Order under Section 154 dated 15 September 2008, the total income was revised to Nil by setting off of brought forward business loss of the Assessment Year 2002-03. 3. The assessment was subsequently reopened under Section 147 and completed on 16 November 2009 under Section 143(3) read with Section 147 of the Act at Nil income. 4. The Commissioner of Income Tax ( CIT ), however, in purported exercise of powers under Section 263(1) of the Act, issued the following show cause notice : Sub: Show cause notice u/s. 263(1) of the I.T. Act, 1961 A.Y. 2005-06 PAN AACCS1590C Reg. The assessment in y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary 2017 allowed the Appeal of the assessee on the ground that Order passed by CIT was passed on 31 March 2011 under Section 263(1) and was, therefore, barred by limitation, as such an Order could be passed only upto 31 March 2010, considering the fact that the Order that was sought to be revived by CIT was passed by Assessing Officer on 14 December 2007. 8. Not only this, the ITAT held on a question of fact that no notice in terms of Section 263(1) was served on the assessee in respect of the Order passed under Section 143(3) read with Section 147 dated 16 November 2009 and the show cause notice dated 18 March 2011 was only in respect of Order of assessment dated 14 December 2007 under Section 143(3) of the Act. 9. In the background ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
