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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri George Mathan, JM & Shri B.R. Baskaran, AM
This is an appeal filed by the assessee against the order passed under Section 263 of the Income Tax Act, 1961 by the Principal Commissioner of Income Tax, Kottayam in F.No. Pr.CIT/Ktm/Tech/263(10)/2019-20 dated 08.08.2019 for AY 2015-16.
Shri R. Krishnan, CA represented the assessee and Shri V. Roy Jose, CIT-DR represented Revenue.
It was submitted by the learned A.R. that the order under Section 143(3) of the Act came to be passed on 10.03.2017. Consequently the time limit for passing order under Section 263 of the Act was 31.03.2019. It was submitted that the order under Section 263 of the Act was passed on 08.08.2019 and was consequently barred by limitation.
In reply the learned D.R. vehemently supported the order of the Principal CIT passed under Section 263 of the Act.
2 M/s. Rajadhani Jewellers 5. We have considered the rival contentions. A perusal of the order under Section 263 of the Act shows that the revision under Section 263 of the Act is in respect of an order passed under Section 143(3) of the Act on 10.03.2017 and the time limit expired on 31.03.2019. The impugned order under Section 263 of the Act having been passed on 08.08.2019 clearly is barred by limitation. Consequently the order under Section 263 of the Act stands quashed on account of being barred by limitation.
In the result, the appeal filed by the assessee is allowed.
Dictated and pronounced in the open Court on 10th February, 2022.