The Supreme Court of India issued a judgment on 7 October 2021 concerning the interpretation of the statute of limitations provision contained in Section 263 of the Income Tax Act 1961. Section 263 essentially provides that the Commissioner may issue an order revising an assessment order passed by an assessing officer if such assessment order is found to be prejudicial to the interests of revenue.
In the case concerned, the assessing officer passed (made) an order for the financial year 200…