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2022 (1) TMI 346 - ITAT PUNERevision u/s 263 by CIT - exemption u/s 10(26AAB) - HELD THAT:- Allowing the claim for exemption u/s 10(26AAB) by discussing the nature of the claim made by the assessee of the assessment order. This facts would clearly show that the AO had examined the claim/considered the information/explanation filed during the course of assessment proceedings took a view that claim of the assessee u/s 10(26AAB) is allowable. Nor can it be said that the AO did not consider the provisions of section 10(26AAB) - the order cannot be termed as ‘erroneous’ for want of enquiry on the issue which is sought to be revised by the ld. Pr.CIT. The ratio of decision of Jurisdictional High Court in the case of CIT vs. Nirav Modi [2016 (6) TMI 1004 - BOMBAY HIGH COURT]; MOIL Ltd. vs. CIT, [2017 (5) TMI 258 - BOMBAY HIGH COURT], Idea Cellular Ltd. vs. DCIT, [2008 (2) TMI 146 - BOMBAY HIGH COURT] is squarely applicable to the facts of present case. The very premise of the order of ld. Pr.CIT is wrong. There is nothing on record to say that the view taken by the Assessing Officer is unsustainable under the law - in the case of Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT] clearly held that when the Assessing Officer adopts one of the courses permissible in law and it has resulted in loss of revenue; or where two views are possible and the Assessing Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the revenue unless the view taken by the AO is unsustainable in law. Therefore, the assessment order cannot be termed as ‘erroneous and prejudicial to the interests of the Revenue’ - Pr.CIT was not justified in exercising the power of revision u/s 263 of the Act and, accordingly, the order of the ld. Pr.CIT passed u/s 263 is hereby set-aside. Thus, the issue raised in grounds of appeal by the assessee stands allowed.
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