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2010 (11) TMI 108 - AT - Income TaxIndustrial undertaking - Commissioner invoked the provisions of section 263(1) of the Act, in order to deny the deduction u/s 80-IA of the Act – Commissioner held that income earned by way of sales tax incentives availed by the assessee not entitled for deduction u/s 80-IA of the Act - u/s 80-IA of the Act, only the income 'derived from' the eligible industrial undertaking is entitled for deduction - assessment order does not bring out any pertinent facts, which show that such income can be said to have been "derived from" the eligible industrial undertaking - Assessing Officer allowed the claim of the assessee without proper enquiry and the said aspect has also not been disputed by the assessee - Commissioner invoked the provisions of section 263 of the Act, upheld - however, his direction to disallow the claim modified - Assessing Officer is directed to examine the assessee's claim on the basis of the scheme under which the assessee has availed the sales tax benefits after allowing the assessee a reasonable opportunity of being heard on this aspect and thereafter decide the matter afresh in accordance with law – Appeal allowed partly
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