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2017 (10) TMI 1395 - AT - Income TaxRevision u/s 263 - deduction u/s 80IB(11C) - Held that:- Whether the construction of hospital was in accordance with the Regulations or Byelaws of the local authority and hospital should have atleast 100 beds for the patients. Another requirement was for the assessee to furnish the report of audit in the prescribed form along with return of income. Once all these conditions have been verified by the AO and the assessee has been found to have fulfilled the same, then the order of AO having taken a view of allowing the deduction under section 80IB(11C) to the assessee cannot be said to be an erroneous order. Since the Assessing Officer has verified the claim of assessee and had found that all the conditions have been satisfied by the assessee, then allowing the deduction claimed by the assessee under the said sub-section does not make the order prejudicial to the interest of Revenue. Accordingly, we hold so. Thus, in such circumstances, the exercise of revisionary power by the Commissioner under section 263 of the Act does not survive. Commissioner has also erred in not looking at the claim of assessee that it had fulfilled all the conditions and merely because the land was in the name of the Director and construction was so completed in the name of Director and completion certificate was in the name of the Director, but note regarding the same was also filed along with the Balance Sheet, which was verified by the Assessing Officer. Hence, it could not be said that there was erroneous assumption of facts by the Assessing Officer. - Decided in favour of assessee.
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