{"id":37233,"date":"2023-09-06T22:21:22","date_gmt":"2023-09-06T16:51:22","guid":{"rendered":"https:\/\/itatonline.org\/digest\/karan-polymers-pvt-ltd-v-pcit-202297-itr-56-kol-trib\/"},"modified":"2023-09-06T22:21:22","modified_gmt":"2023-09-06T16:51:22","slug":"karan-polymers-pvt-ltd-v-pcit-202297-itr-56-kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/karan-polymers-pvt-ltd-v-pcit-202297-itr-56-kol-trib\/","title":{"rendered":"Karan Polymers Pvt. Ltd. v. PCIT (2022)97 ITR 56 (Kol) (Trib)"},"content":{"rendered":"<p>The Tribunal held that Principal Commissioner can exercise powers under section 263 of the Act on satisfaction of twin conditions: the assessment order is erroneous and prejudicial to the Revenue&#8217;s interests. This power of revision can be exercised only where no enquiry, as required under the law, is done. It is not open to enquire into a case of inadequate inquiry.\u00a0 The Tribunal\u00a0 also held that if a notice under section\u00a0263\u00a0of the Act raises a new issue not the subject matter of reassessment proceedings, the two year period contemplated under sub-section\u00a0(2)\u00a0of section\u00a0263\u00a0of the Act would begin from the date of the original assessment and not from the date of reassessment. The revision proceedings were time barred. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue-Unaccounted money-Assessee receiving money and repaying it subsequently-Inadequate inquiry-Revision order is held to be not valid-Limitation period from original date of assessment and not from the date of reassessment-Revision time barred.[S. 143(3), 147] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37233","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Gx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37233"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37233\/revisions"}],"predecessor-version":[{"id":37234,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37233\/revisions\/37234"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}