2022 (7) TMI 1096

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....min Amalsadvala i/b Mint & Confreres for the Respondent.   P. C. The present Appeal has been filed under Section 260A of the Income Tax Act, 1961 ("Act") against the Order dated 16 January 2017 passed by the Income Tax Appellate Tribunal ("ITAT"), Mumbai Bench 'E' pertaining to Assessment Year 2005-06. The following substantial question of law is framed for our consideration. "Whe....

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....ember 2008, the total income was revised to Nil by setting off of brought forward business loss of the Assessment Year 2002-03. 3. The assessment was subsequently reopened under Section 147 and completed on 16 November 2009 under Section 143(3) read with Section 147 of the Act at Nil income. 4. The Commissioner of Income Tax ("CIT"), however, in purported exercise of powers under Section 263....

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....ncome and allowance of excessive relief. Therefore the assessment order passed u/s 143(3) of the Act is erroneous and prejudicial to the interest of revenue." 5. The assessee, however, in response to show cause notice inter alia took a stand that the revisional power could not be exercised in view of the Bar of limitation as contained in Section 263(2) of the Act, which provides that no Order c....

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.... passed by Assessing Officer on 14 December 2007. 8. Not only this, the ITAT held on a question of fact that no notice in terms of Section 263(1) was served on the assessee in respect of the Order passed under Section 143(3) read with Section 147 dated 16 November 2009 and the show cause notice dated 18 March 2011 was only in respect of Order of assessment dated 14 December 2007 under Section 1....