Revision order u/s 263 of the Income-tax Act,1961 has to be served within two years?
Finally, the Supreme Court of India settled one important principle of law in its order dated 7th October,2021 by holding that for the purpose of Section 263, *the requirement in Section 263(2) is only to pass the order within the period as prescribed in the said section and there is no such requirement in such section to serve also the order so passed within the period so prescribed.
While coming to said conclusion, the Hon’ble rejected the plea of ITAT and High Court which had ruled in favour of assessee observing that the word used in Section 263(2) is “made” and not the “receipt of the order”.
As per the cardinal principle of law the 9 provision of the statue/act is to be read as it is and nothing is to be added or taken away from the provision of the statue.
Thus an important limitation aspect is settled in CIT, Chennai Vs Mohammed Meeran Shahul Hameed.
The copy of the order is as under :
