RASHMI SPONGE IRON AND POWER INDUSTRIES,RAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, RAIPUR-1, RAIPUR

O R D E R

Per Arun Khodpia, AM :

2) The fact that during the pendency of proceedings u/s 148, a submission was also made to Jurisdictional Assessing Officer (JAO) on 07.06.2022 about the order of sec. 263 made by Pr. CIT, Raipur which was considered by JAO in his order made u/s 148A(d) of the IT Act, 1961 dated 15.07.2022 and reissue of notice u/s 148 of the IT Act, 1961 but during the whole proceeding the Ld. AO did not cover the issue relating to matter as per order of Sec. 263 of the IT Act, 1961 dt. 23.03.2022 in its any notice of Sec. 142(1) and SCN also and passed the order u/s 147 w.r.t. Sec. 144B of the IT Act. Dt. 08.05.2023. (Copies attached) 3) As per the provision of Sec. 153(3) of the IT Act, 1961 which provides as under :- “Section 153 : Time limit for completion of assessment, reassessment and re-computation. (3) Notwithstanding anything contained in sub-sections (1) and (2), an order of fresh assessment in pursuance of an order under section 254 or section or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of nine months from the end of the financial year in which the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner: Provided that where the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section is passed by the Principal Commissioner or Commissioner on or after the 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words "nine months”, the words "twelve months” had been substituted.” Accordingly, the case is now time barred u/s 153(3) of the IT Act, 1961 by limitation as the period of twelve months has elapsed on 31.03.2023 i.e. from the end of the financial year 2021-22 in which the order under section 263 is passed. In view of above we humbly request your honour to kindly allow us to withdraw the appeal and oblige as the proceedings relating to case is time barred.”