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2021 (10) TMI 1210 - HC - Income TaxRevision u/s 263 - Deduction u/s 80-IB(10) - HELD THAT:- CIT, in exercise of powers u/s 263 of the Act, had concededly, even according to the petitioner, interceded, via order dated 18.05.2012, and held that, the assessment order passed by the petitioner was erroneous and prejudicial to the interest of the revenue. The petitioner’s asserts that the case set up by him, which was not examined by the Tribunal, was simply this: the subject assessment order was passed in good faith, in exercise of the adjudicatory powers conferred upon him by the Act and that it was passed neither on account of corrupt motive or recklessly. According to the petitioner, since he had passed the assessment order in his role, as a quasi-judicial authority, he could not have been served with the chargesheet for performing such functions unless his action could be slotted into exceptions adverted hereinabove. In our opinion, the manner in which the matter has been dealt with by the Tribunal, is less than satisfactory. The action of the respondent which was impugned by the petitioner before Tribunal has serious ramifications for petitioner, and thus, could not have dealt with the matter so nonchalantly. Accordingly, the impugned order is set aside.
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