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2015 (8) TMI 1428 - AT - Income TaxRevision u/s 263 - Claim of exemption u/s 10A - Held that:- Admittedly the facts remain that the AO has passed the original assessment order u/s 143(3) on 30.11.2012 allowing the claim of exemption u/s 10A of the Act. The circular of CBDT is of 16.7.2013. The decision of the jurisdiction High Court of Karnataka in the case of Yokogawa India Ltd. [2011 (8) TMI 845 - Karnataka High Court]. Following the decision of the jurisdiction High Court cannot be held to make the order of assessment erroneous or prejudicial to the interest of the Revenue. Further, on identical grounds the co-ordinate bench of this Tribunal in the case of M/s. Safran Aerospace India Pvt. Ltd. [2015 (1) TMI 773 - ITAT BANGALORE] has also held the issue in favour of the Assessee upholding the principles applied by the AO in the course of the original assessment in his order u/s 143(3) dt. 30.11.2012. Therefore, the order passed by the AO is by following one of the two possible views and same cannot be held to be erroneous which calls for invocation of the powers of the Principal Commissioner of Income Tax u/s 263 of the Act. In the circumstances, the order passed u/s 263 by the Principal Commissioner of Income Tax stands set aside.
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