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2013 (5) TMI 584 - AT - Income TaxJurisdiction power u/s 263 by CIT(A)- initiating the impugned revision proceedings - Re opening of assessment - disallowance of claim of deduction u/s 80IB as the assessee is not engaged in manufacture or production of articles or things while it is only engaged in processing of milk - Held that:- There may not be any dispute that the revision proceeding shall not lie on the issues on which the AO has taken a plausible view after examining and applying his mind on it. In the instant case, notice that AO has re-opened the impugned assessments for the purpose of examining the eligibility of the assessee to claim deduction under section 80IB to which assessee has given a detailed reply demonstrating its eligibility and it has also drawn support from the decision of Sumaraj Seafoods Pvt. Ltd. (2007 (6) TMI 302 - ITAT MUMBAI). As AO has passed a speaking order by duly extracting the reasons recorded for re- opening, the reply given by the assessee, the relevant observations made by the Mumbai bench of the Tribunal in the case referred supra there is proper application of mind on the part of the AO and further the view taken by him is one of the possible views, since it is in accordance with the decision rendered by the Tribunal. It is now well settled proposition of law that merely because the CIT is having a different view, the same would not entitle him to initiate revision proceedings, if the view taken by the assessing officer is one of the possible views. Thus CIT was not right in initiating the impugned revision proceedings. In favour of assessee.
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