https://www.taxtmi.com/caselaws?id=413621 The tribunal declared the revision order passed under section 263 as invalid due to being beyond the limitation period prescribed by the Income Tax Act. The original assessment order was restored, and the tribunal clarified that the assessing officer could only assess income that had escaped assessment, not issues unrelated to the reassessment proceedings. The decision was based on precedents emphasizing that revisionary powers under section 263 could only be exercised concerning the original assessment order, not the reassessment order. The appeal was allowed, and the order was pronounced on 12/10/2021. en-us Tue, 12 Oct 2021 00:00:00 +0530 Thu, 30 Dec 2021 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413621 The tribunal declared the revision order passed under section 263 as invalid due to being beyond the limitation period prescribed by the Income Tax Act. The original assessment order was restored, and the tribunal clarified that the assessing officer could only assess income that had escaped assessment, not issues unrelated to the reassessment proceedings. The decision was based on precedents emphasizing that revisionary powers under section 263 could only be exercised concerning the original assessment order, not the reassessment order. The appeal was allowed, and the order was pronounced on 12/10/2021. Case-Laws Income Tax Tue, 12 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413621