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2018 (5) TMI 506 - AT - Income TaxRevision u/s 263 - claim of deduction u/s 80IA(4) - Held that:- We uphold the contentions of the assessee that order passed u/s 263 of the Act for A.Y.2009-10, 2010-11 and 2011-12 are bad in law as no incriminating material relatable to the claim of deduction u/s 80IA(4) was found during the course of search and as the assessments have not abated and are completed assessments. The Hon’ble Madras High Court in the case of M/s Tamilnadu Petro Products Ltd. Vs ACIT [2010 (11) TMI 645 - MADRAS HIGH COURT] allowed deduction u/s 80IA where the facility was one of captive consumption. Thus even if the facility was for captive use, deduction u/s 80IA(4) cannot be denied. Thus we hold that, on merits the assessee is entitled to claim deduction u/s 80IA of the Act. Hence we find the orders of the ld. Pr.CIT passed u/s 263 not sustainable on facts as well as in law. Thus we hold that the order of the AO in all the four assessment years 2009-10 to 2012-13, are not erroneous or prejudicial to the interest of the revenue warranting revision by the ld. Pr. CIT u/s 263 of the Act. Hence, we cancel the orders passed by the ld. Pr. CIT u/s 263 of the Act and allow all these four appeals of the assessee.
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