https://www.taxtmi.com/caselaws?id=752969 The Rajasthan HC set aside revision proceedings u/s 263 due to limitation issues. The court held that where reassessment covers distinct subject matter from the original assessment, the limitation period for revision u/s 263 runs from the original assessment order date, not the reassessment order date. Following SC precedent in Industrial Development Bank of India Ltd., the court found that since the reassessment dealt with escaped assessment of job charges as a separate matter, the two-year limitation period u/s 263(2) was calculated from the original assessment order, making the revision proceedings time-barred and illegal. The petition was decided in favor of the assessee. en-us Mon, 15 Apr 2024 00:00:00 +0530 Tue, 21 May 2024 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752969 The Rajasthan HC set aside revision proceedings u/s 263 due to limitation issues. The court held that where reassessment covers distinct subject matter from the original assessment, the limitation period for revision u/s 263 runs from the original assessment order date, not the reassessment order date. Following SC precedent in Industrial Development Bank of India Ltd., the court found that since the reassessment dealt with escaped assessment of job charges as a separate matter, the two-year limitation period u/s 263(2) was calculated from the original assessment order, making the revision proceedings time-barred and illegal. The petition was decided in favor of the assessee. Case-Laws Income Tax Mon, 15 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752969