2019 (11) TMI 1195

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....ck, Advocate For Respondent : Mr. J.P. Khaitan, Sr. Advocate Mr. Indranil Nandi, Advocate The Court : Heard both sides. This appeal was admitted by this Court by an order dated 22nd January, 2019, on the following substantial questions of law :- "1. Whether on the facts and circumstances the deduction claimed by the assessee on account of premium paid for the accountant risked po....

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....assed order under Section 143(3) of the Income Tax Act, 1961, allowing the said claim. The assessee went into appeal against that order under Section 143(3), on the other issues, before the Commissioner of Income Tax (Appeals), who had granted partial relief to the assessee by his order dated 4th February, 2011. Both the assessee and the revenue preferred appeal before the Learned Income Tax Appel....

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....154 of the Income Tax Act on 13th April, 2015. On 27th March, 2017 the CIT(Appeals) passed an order under Section 263 by setting aside the order dated 23rd March, 2015 passed by the Assessing Officer, read with his order dated 13th April, 2015 and directed to pass a fresh order after enquiry in respect of allowability of Accountants Risk Policy Premium amounting to Rs. 1,20,30,048/-. The assessee ....

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....e premium paid on account of Accountants Risk Policy nor was it subject matter of those proceedings. The CIT realizing that the issue of premium paid on Accountants Risk Policy which was allowed as deduction in order dated 31.12.2009 cannot be revised u/s 263 of the Act because of the time limit laid down u/s 263(2) of the Act, has in the garb of seeking to revise the order dated 23.03.20....