M/S.RAJADHANI JEWELLERS,KOLLAM vs. THE ITO, WD-2, ALAPPUZHA

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ITA 591/COCH/2019Status: DisposedITAT Cochin10 February 2022AY 2015-162 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the order under Section 263 was passed on August 8, 2019, which was beyond the prescribed limitation period of March 31, 2019. Therefore, the order under Section 263 was quashed.

What were the facts?

The assessee filed an appeal against an order passed under Section 263 of the Income Tax Act. The original assessment order was passed on March 10, 2017.

What were the issues?

The primary issue was whether the order passed under Section 263 was barred by limitation.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri George Mathan, JM & Shri B.R. Baskaran, AM

For Appellant: Shri R. Krishna, CA
For Respondent: Shri V Roy Jose, CIT-DR
Hearing: 10.02.2022Pronounced: 10.02.2022

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.

2.

Shri R. Krishnan, CA represented the assessee and Shri V. Roy Jose, CIT-DR represented Revenue.

3.

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.

4.

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.

6.

In the result, the appeal filed by the assessee is allowed.

Dictated and pronounced in the open Court on 10th February, 2022.

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