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2018 (12) TMI 185 - ITAT PUNERevision u/s 263 - as per CIT-A AO had failed to take into account the conditions to be fulfilled by assessee before granting deduction u/s 80IB(11C) - Held that:- Tribunal in assessee’s own case in assessment year 2010-11 had taken note of the provisions of section 80IB(11C) of the Act and claim made by assessee as to whether it had fulfilled the conditions and it was held that the AO during assessment proceedings had verified the claim of assessee and had found that all the conditions were satisfied by the assessee, hence the order allowing deduction claimed by assessee under the said sub-section does not make the order prejudicial to the interest of Revenue. The Tribunal further held that exercise of revisionary powers by the Commissioner under section 263 of the Act was not warranted in the facts of case. The issue arising in the present appeal before us is also against exercise of revisionary powers by the Commissioner under section 263 on the same grounds as raised in assessment year 2010-11. Since the issue has been decided in favour of assessee and the order of Commissioner passed under section 263 of the Act in assessment year 2010-11 has been held to be both invalid and bad in law, following the same parity of reasoning, we hold that exercise of revisionary powers by the Commissioner under section 263 in assessment year 2012-13 do not survive. - Decided in favour of assessee.
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