2025 (5) TMI 817

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....d by the assessee. Besides, the assessee has also raised an additional ground vide letter dated 24.08.2021, challenging the validity of order passed u/s 263 of the Act on the ground of being invalid as it seeks to revise the assessment order dated 21.02.2017, passed u/s 143(3) read with section 144C(3)(a) of the Act, which itself is barred by limitation. The ground raised by the assessee are extracted below:- "1:0 Re.: Validity of Order u/s. 263: 1:1 The impugned Order dated 27 March 2019 passed by the Commissioner of Income-tax u/s. 263 of the Income-tax Act, 1961 ["the Act"] is bad in law since it seeks to revise the Order dated 21 February 2017 passed u/s. 143(3) r.w.s. 144C(3)(a) which Order being barred by limitation is therefore b....

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....was issued show cause notice u/s 263 of the Act qua the assessment order passed u/s 143(3) dated 21.02.2017 being erroneous and prejudicial to the interest of revenue and finally the same was revised by the ld. Pr. CIT by holding the same to be erroneous and prejudicial to the interest of the Revenue and by directing the ld. AO to pass the assessment order after making reference to ld. Transfer Pricing Officer for determining Arms Length Price u/s 92CA(3) of the Act after affording reasonable opportunity of hearing to the assessee. T 04. The ld. Counsel for the assessee vehemently submitted that the ld. Pr. CIT seeks to revise the assessment order which was invalid on the ground of being barred by limitation as per provisions of Section 15....

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....to be benchmarked as per the provisions of Section u/s 92CA(3) of the Act. Therefore, the appeal of the assessee may kindly be dismissed. 06. After hearing the rival contentions and perusing the materials available on record, we are of the view that the assessee has raised this legal issue before us that the assessment order passed u/s 143(3) dated 21.02.2017, was itself barred by limitation in terms of provisions of Section 153(1) of the Act and was invalid and nullity and therefore, the revisionary jurisdiction u/s 263 of the Act by the ld. Pr. CIT is also invalid on the ground that the assessment which was sought to be revised is itself barred by limitation. We have perused the provisions of Section 153(1) of the Act which provides that....