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2015 (10) TMI 950 - HC - Income TaxBenefit of deduction under Section 80IB (10) - CIT initiated proceedings under Section 263 and proceeded to withdraw the deduction claimed by the Assessee under Section 80IB(10) was whether the requirement under Section 80AC, that the return had to be filed within the time prescribed under Section 139(1) of the Act, was mandatory - ITAT concluded that there was no justification for CIT to have invoked the jurisdiction Section 263 - Held that:- As far as the present case is concerned, the Court is satisfied that at the time when the CIT passed the order dated 6th February, 2012 under Section 263 of the Act there was a conflict of opinions of the various benches of the ITAT on whether 80AC was mandatory. Consequently, the ITAT was not in error in reversing the order of the CIT as far as the question of exercising jurisdiction under Section 263of the Act was concerned. No substantial question of law arises on the said issue. It is clarified that the question whether the requirement under Section 80AC of the Act is mandatory is left open for consideration in an appropriate case. - Decided against revenue.
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