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2013 (10) TMI 830 - AT - Income TaxRevision u/s 263 – Held that:- The assessing officer did not examine about the applicability of provisions of sec. 80P (4) of the Act to the assessee – Following Grasim Industries Ltd. V CIT [2010 (2) TMI 4 - BOMBAY HIGH COURT ] - Section 263 of the Income-tax Act, 1961 empowers the Commissioner to call for and examine the record of any proceedings under the Act and, if he considers that any order passed therein, by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the Revenue, to pass an order upon hearing the assessee and after an enquiry as is necessary, enhancing or modifying the assessment or canceling the assessment and directing a fresh assessment - The key words that are used by section 263 are that the order must be considered by the Commissioner to be "erroneous in so far as it is prejudicial to the interests of the Revenue" - the Ld CIT was justified in passing the impugned revision orders by invoking the provisions of sec. 263 of the Act. Deduction u/s 80P – Held that:- The Ld CIT has directed the AO to withdraw deduction granted u/s 80P of the Act - Hence the AO will not have any other option but to comply with his direction - the order of Ld CIT modified and the AO was directed to examine independently about the applicability of sec. 80P(4) of the Act to the facts of the instant case untrammeled by the observations of Ld CIT and take appropriate decision in accordance with law, after affording necessary opportunity of hearing to the assessee – Decided Partly in favour of Assessee.
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