Allowing the appeal of the assessee the Tribunal held that the grounds of revision, were not the subject matter of the reopening done under S. 143(3) r.w.s. 147. Hence, the revision order passed by the PCIT, was barred by limitation. Followed Ashoka Buildcon Ltd v. ACIT (2010) 325 ITR 574 (Bom) (HC), CIT v. ICICI Bank Ltd (2012) 343 ITR 74 Bom) (HC). Revision also quashed on change of opinion and merit. (ITA. No. 3530/Mum/2018 /3531 dt. 10-1-2019 (AY. 2009-10, 2010-11)
Housing Development and Infrastructure Ltd v. PCIT (Mum.) (Trib.)(UR)
S. 263 : Commissioner–Revision of orders prejudicial to revenue– Debenture redemption reserve- Original Assessment u/s 143(3) dt. 30-12-2011–Reassessment u/s 143(3) r.w.s 147 dt 28-12-2016–Revision order dt. 26-3-2018-Revision is barred by limitation. [S. 115JB]