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2016 (1) TMI 1306 - AT - Income TaxRevision u/s 263 - deduction under section 80IB - Held that:- We are dealing with a case where the revisionary powers of the Commissioner of Income Tax are being exercised. The proposition laid down by the Hon'ble High Court as to the eligibility conditions being satisfied by the assessee, has to be decided by the Assessing Officer. It was the Assessing Officer who, on whatever enquiry he made, was satisfied that the assessee is eligible to deduction under section 80IB of the Act. Now, under the garb of assuming jurisdiction under section 263 of the Act, the Commissioner of Income Tax cannot impose his own judgment over that of the Assessing Officer. Even the High Court has not held that any surrendered income, in any case, cannot be eligible for deduction under section 80IB of the Act. In this view, we do not find any error in the order of the Assessing Officer. Therefore, we set aside the order passed by the Commissioner of Income Tax under section 263 of the Act and allow the appeal of the assessee.
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