Section 263 Action Invalid Without Compliance to Limitation Period: ITAT Mumbai

Indian Education Society Vs CIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai bench has overturned a revisionary order issued by the Commissioner of Income-tax (Exemptions) [CIT(E)] against the Indian Education Society, a charitable trust, citing issues of jurisdiction and limitation. The ruling centered on whether the CIT(E) could invoke Section 263 of the Income-tax Act, 1961, to revise a reassessment order on grounds unrelated to the reassessment proceedings themselves. The case, Indian Education Society Vs CIT (ITAT Mumbai), originated from an appeal filed by the assessee again...