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2014 (6) TMI 281 - AT - Income TaxValidity of revision by CIT u/s 263 of the Act – Claim of deduction u/s 80IB of the Act – Held that:- Following Grasim Industries Ltd. V CIT [2010 (2) TMI 4 - BOMBAY HIGH COURT] and CIT Vs. Toyota Motor Corporation[2008 (4) TMI 231 - DELHI HIGH COURT] - the assessment order is a cryptic one and it does not contain any discussion about the deduction claimed by the assessee u/s 80IB(10) of the Act - the order passed by the AO should be a self-contained order giving the relevant facts and reasons for coming to the conclusion based on those facts and law - the assessment order was cryptic one and it did not contain any discussion about the deduction allowed to the assessee u/s 80IB of the Act - the assessee has placed all the details / documents before the assessing officer, nothing was brought on record to show that the assessing officer did apply his mind on those materials before allowing the deduction u/s 80IB of the Act - the assessment order passed without application of mind on the details / documents furnished by the assessee would be rendered erroneous - The question whether the deduction is allowable to the assessee or not has got tax implications. The assessee has failed to show that the assessing officer has examined the various details relating to the deduction u/s 80IB(10) of the Act - certain factual aspects like the date of completion of the project, the details relating to commercial establishments etc. are required to be verified - Apparently these points should have been examined by the AO before allowing the deduction claimed by the assessee u/s 80IB(10) of the Act - CIT was within his power to pass the impugned revision order, since the assessment order is rendered erroneous and prejudicial to the interests of revenue in view of lack of application of mind on the part of the AO - the assessee has got every right to put forth his arguments before the AO in respect of those issues – thus, the order of the CIT is modified and the CIT is directed the AO that he should examine various issues relating to the deduction claimed u/s 80IB(10) of the Act without being influenced by the views expressed by CIT, i.e., the AO should examine the claim independently by duly considering the various contentions put forth by the assessee – Decided partly in favour of Assessee.
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