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2020 (7) TMI 98 - AT - Income TaxRevision u/s 263 - denial of the tax-holiday benefit - CIT holding a conviction that as per the ‘proviso’ to Sec. 92C(4), the suo motto addition made by the assessee towards deemed mark-up having regard to the ALP of the international transactions would not qualify for deductions u/ss. 10A and 10B of the Act? - HELD THAT:- We are unable to comprehend as to how the view of the A.O as regards allowing of the assessee’s claim for deductions u/ss. 10A and 10B of the Act, which as observed by us hereinabove is found to be in conformity with the view taken in the case of CIT Vs. I-Gate Global Solutions Ltd. [2014 (6) TMI 1007 - KARNATAKA HIGH COURT] could be held to be erroneous. In fact, we find that the aforesaid order of the High Court of Karnataka in the case of I-Gate Global Solutions Ltd. (supra),was available on the date when the assessment was framed by the A.O, vide his order passed u/s 143(3) r.w.s 144C(13), dated 27.02.2015. At this stage, we may also observe that no judgment of any High Court taking a contrary view has been brought to our notice by the ld. D.R. Be that as it may, we hold strong conviction that as the implicit view of the A.O while allowing the assessee’s claim for deduction u/ss. 10A and 10B of the Act, cannot be held to be “erroneous”, therefore, the CIT was divested of exercising his revisional jurisdiction u/s 263 of the Act. - Decided in favour of assessee.
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