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2022 (4) TMI 1465 - HC - Income TaxRevision u/s 263 by CIT - whether the conditions stipulated for being entitled for deduction under Section 80IB(10) was fulfilled by the assessee? - HELD THAT:- Tribunal noted that the assessee has given details as called for by the AO and the details contained in annexures in support of the advances received giving names of each of the party and these records were also placed before the Tribunal in the form of a paper book. Further, the Tribunal noted that the assessee had filed tax audit report u/s 44AB in Form no.3CA along with the particulars and also furnished Form no.3CD. Tribunal noted that in respect of deduction claimed u/s 80IB(10) the assessee has given the audit report in Form no.10CCB and also furnished the basis on which the deduction was claimed under Section 80IB. After noting these facts which were not in dispute, the Tribunal examined as to whether the PCIT has recorded any reasons as to how the assessment order dated 4th March, 2015 was erroneous so far as prejudicial to the interest of the revenue. Tribunal on facts found that no reasons have been recorded by the PCIT justifying his action invoking the power under Section 263 - Tribunal has proceeded to consider as to whether the conditions stipulated for being entitled for deduction under Section 80IB(10) was fulfilled by the assessee and on facts it was satisfied that the assessee had fulfilled the conditions and therefore, held that the assumption of jurisdiction under Section 263 of the Act was not sustainable in law. Thus, we find that there is no question of law, much less substantial questions of law, arising for consideration in this appeal.
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