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2014 (1) TMI 847 - AT - Income TaxRevision u/s 263 of the Act - The order of the CIT u/s. 263 of the Act does not anywhere show as to what is the specific error that the AO has committed when granting the assessee the deduction u/s. 80IA(4) of the Act - the AO has chosen one of the two views in respect of the claim of deduction u/s. 80IA(4) of the Act - the order passed u/s 263 of the Act is not sustainable in law - Relying upon Ranka Jewellers Vs. Addl. CIT [2010 (3) TMI 544 - BOMBAY HIGH COURT] – order set aside. Deduction u/s 80IA(4) of the Act – Held that:- The AO was right in law in granting the assessee the benefit of deduction u/s. 80IA(4) of the Act - the CIT's order passed u/s. 263 of the Act is unsustainable and is liable to be quashed - the explanation to section 80IA(4) of the Act which has been substituted by the Finance, Act, 2009 with retrospective effect of 01.04.2000 is attempting to take away the statutory benefit granted to the assessee u/s. 80IA(4) of the Act without making any amendment to the explanation to section 80IA(4) of the Act, the said explanation substituted by the Finance Act, 2009 w.e.f. 01.04.2000 being an hindrance to the statutory deduction available to the assessee under the provisions of section 80IA(4) - Decided in favour of Assessee.
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