2019 (11) TMI 1195

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....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 policy premium was on correct principle ? 2. Whe....

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....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 Appellate Tribunal against the aforesaid order of the Commissioner of Income....

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....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 challenged the said order passed under Section 263 before the Learned T....

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.... 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 23.03.2015 sought to question the allowability of premium paid on account of Accountants Risk....