2002 (8) TMI 50

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....has referred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the order under section 263, dated March 19, 1991, was barred by limitation and consequently cancelling the order under section 263?" In the case in hand, the original assessment was completed on December 16, 1988. While fr....

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....assuming the jurisdiction under section 263 of the Act, issued a show cause notice to the assessee dated December 31, 1991. After hearing the assessee, the Commissioner of Income-tax (Appeals) was of the view that the deduction of Rs. 2,66,255 granted to the assessee under section 32AB was not proper and, hence, it rendered the assessment to be erroneous and prejudicial to the interests of the Rev....

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...., would go on enlarging the limitation period. Thus, the Tribunal has quashed the order of the Commissioner of Income-tax under section 263 on the ground of limitation. Heard learned counsel for the parties. Mr. Singhal, learned counsel for the assessee, has supported the view taken by the Tribunal. Mr. Singhi, learned counsel for the Revenue, has supported the order of the Commissioner of I....

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....e insertion of Explanation (c) to sub-section (1) of section 263, the powers of the Commissioner of Income-tax shall extend and shall be deemed always to have extended to them because the same had not been considered and decided in the appeal filed by the assessee." It is true that the Commissioner of Income-tax has the power to revise the order of the Assessing Officer on the issues which are ....