2020 (10) TMI 412

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....29/08/2018. The directions given in concluding para-10 of the said order read as under: - In view of the aforesaid facts and the provisions of the law mentioned in the preceding paras, the assessment order dt 28.02.2017 passed by the assessing officer u/s. 143(3) r.w.s.144C is to be held erroneous in so far as it is prejudicial to the revenue. Accordingly, the Assessment order is revised and the assessing officer is directed to disallow the claim of expenses of Rs. 55,51,637/- being payment of penalties to foreign authorities as discussed in para 6 and an amount of Rs. 10 crores on account of the class action settlement consideration as discussed in para-7 and to re-examine the claims of DTAA credit u/s. 90 and various claims on de....

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.....Y.2013-14- reg. Ref.: NO. CIT(DR)/ITAT-E Bench/2020-21 dated 25.09.2020 Kindly refer to the above. 2. In this case the assessee e-filed its ROI for A.Y. 2013-14 declaring total income of Rs. 878, 76,28,756/- under normal provisions and Rs. 2024,15,13,303/- u/s. 115JB of the Income-tax Act, 1961. Subsequently, the case was selected for scrutiny under CASS. The assessment u/s. 143(3) r.w.s 144C(3) of the Act was completed on 28.02.2017 determining total income at Rs. 1467,73, 75,617/- under normal provision and Rs,2515,28,19,785/- u/s. 115JB of the Act. 3. Subsequently the case was reviewed by the Pr.CIT -2, Mumbai and passed order u/s 263 of the I.T. Act, 1961. Pr.CIT-2 has made the following comments in ....

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.... of being passed. 4. Upon careful consideration of facts and circumstances, we find that the revisional jurisdiction was exercised vide order dated 29/08/2018. The provisions of Section 153 provide time limit for completion of assessment, reassessment and re-computation. As per sub section (3), an order of fresh assessment pursuant to Section 263, setting aside or cancelling an assessment, may be made at any time before the expiry of 9 months from the end of financial year in which order u/s 263 has been passed by revisional authority. This period, in assessee's case is 31/12/2019. The proviso to the said sub-section extending the time limit to 12 months is not applicable since revisional order has been passed prior to 01/04/2019. Procee....