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2016 (6) TMI 86 - AT - Income TaxInvoking powers u/s. 263 by CIT against claiming deduction u/s. 80P - Held that:- From the facts of the case it is apparent that the ld. Principal CIT has invoked his powers u/s. 263 because the identical issue was pending before the Hon’ble Chennai High Court though the same was decided in favour of the assessee by this Bench of the Tribunal and also by other the higher judiciary. In these circumstances, it can be only considered, as another possible view on the issue. In the case of CIT vs Greenworld Corporation, reported in [2009 (5) TMI 14 - SUPREME COURT OF INDIA] it has been categorically held that the order of the learned Assessing Officer cannot be interfered only for the reason that another view is possible while invoking the powers U/s.263 of the Act by the learned CIT. Relying on the above decision of the Hon’ble Apex Court, we are of the considered view that the ld. Principal CIT is not justified in invoking the powers U/s. 263 of the Act in the relevant case before us. Therefore, we hereby quash the order passed by the ld. Principal CIT. - Decided in favour of assessee
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