2022 (7) TMI 1096

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....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. "Whether on the facts and circumstances of the cas....

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.... 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(1) of the Act, issued the following show cause notice....

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....sed 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 could be revised after the expiry of two years from the end of the financial y....