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2016 (3) TMI 407 - AT - Income TaxRevision u/s 263 - entitlement to claim u/s. 80IA(4) allowed by AO - Held that:- The admitted facts of the case are, therefore, clear that while making original assessment, the assessee submitted proper explanation and evidence before the AO to justify the claim u/s. 80IA(4) of the IT Act. The assessee is engaged in the business of developing and constructing infrastructure facilities in the form of railway tracks and canals on behalf of the Government and their agencies. The assessee was granted exemption in initial assessment year 2003-04 being first year of operation accepting that the assessee is engaged in developing of infrastructure facilities. Similar claim was also allowed in assessment year under appeal. Thus, the AO was satisfied that the assessee was entitled for exemption u/s. 80IA(4) of the Act. It is also proved on record that the assessee has a history of granting exemption u/s. 80IA(4) of the Act. In preceding assessment years 2006-07 and 2007-08, the AO allowed similar claim of assessee u/s. 143(3) of the Act. Copies of the assessment orders are placed on record. Therefore, the AO in preceding assessment years as well as in the assessment year under appeal has considered the Explanation to section 80IA(13) of the IT Act and was satisfied with the explanation of the assessee on the eligibility for deduction u/s. 80IA(4) of the IT Act. The AO, therefore, took one of the plausible view in the matter and therefore, the assessment order could not be treated as erroneous and prejudicial to the interest of revenue. - Decided in favour of assessee
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