INDIAN OVERSEAS BANK,CHENNAI vs. ACIT, LTU-2,, CHENNAI
In the result, both the appeals filed by the assessee are allowed
ITA 1571/CHNY/2024[2017-18]Status: DisposedITAT Chennai18 Dec 2024AY 2017-18
Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:
For Appellant: Shri. C. Naresh, CA
Section 143(3)Section 147Section 148Section 263
u/s 263, the time limit for revision u/s.263 would run from order u/s.143(3) dated
23/12/2019
and hence the present revisionary proceedings initiated on 29/02/2024 is beyond limitation period.
Without prejudice to above grounds on jurisdiction, even on merits
5. On the facts and in the circumstances of the case and in law the profit arising on assets sold