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2013 (11) TMI 1337 - ITAT BANGALOREInvocation of section 263 by CIT – Held that:- Reliance has been placed upon the judgment in the case of CIT v. Honda Siel Power Products Ltd reported in [2010 (7) TMI 38 - HIGH COURT OF DELHI], wherein it has been held that CIT cannot exercise his powers under s. 263 to differ with the view of the AO even if there has been as loss of revenue - CIT can exercise his powers under s. 263 where a loss of revenue results as a consequence of the view adopted by the AO. While passing an order under s. 263, the CIT has to examine not only the assessment order, but the entire record of the profits. Since the assessee no control over the way an assessment order is drafted and since, generally, the issues which are accepted by the AO do not find mention in the assessment order and only those points are taken note of on which the asseessee’s explanations are rejected and additions/disallowances are made – In the present case, in an overall consideration of the facts and circumstances of issue and in conformity with the ratio laid down by the various judiciary including the Co-ordinate Bench of this Tribunal in the case of Infosys Technologies Ltd [2012 (1) TMI 76 - KARNATAKA HIGH COURT ], it has been held that CIT was not justified in coming to a conclusion that the order passed by the AO under section 147 r. w. s. 143(3) of the Act was erroneous and prejudicial to the interest of revenue thereby invoking the provisions of section 263 of the Act and directing the AO to withdraw the deduction allowed u/s 80IB (10) of the Act – Invocation of section 263 is not sustainable – Decided in favor of Assessee.
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