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2022 (4) TMI 31 - AT - Income TaxRevision u/s 263 - deduction u/s 80IB(10) - HELD THAT:- AO raised the query and Assessee submitted the copy of certificate of completion of housing projects as well as the audit report for claiming deduction under section 80IB in form No.10 CCB - the assessee gave complete details of the stock, sales of flats vide letter dated 19th December, 2017 - details of closing stock showing flat no was also submitted - we find that the assessee has submitted whatever details were asked for by the AO and thereafter allowed the claim of the assessee. As also shown to him that these appeals for AY 2015-16 and the assessee is claiming deduction under section 80IB(10) of the Act since 2008-09. There has been no dispute with respect to the satisfaction of condition relevant to that section. Therefore, this issue was also examined by the learned AO during the assessment proceedings. The issue remains that the PCIT while passing the order has stated that assessee did not comply with date of hearing on 20th February, 2020 and therefore, order was passed without considering the explanation of the assessee. We find that assessee has sent email on 19th March, 2020 explaining the reasons that on account of provision of Section 263 cannot be exercised for the impugned assessment year. However, this explanation was not considered by the learned PCIT though order u/s 263 was passed on 24/3/2020. It is apparent that assessee did not attend the hearing on 20/2/2020 but before the order was passed assessee submitted its reply. Therefore in the interest of justice , we direct the assessee to produce the copy of the mail before the ld PCIT and raise all the contention once again on the issue of allowability of claim u/s 80 IB (10) of the Act. When this proposition was expressed at the time of hearing , both the parties agreed to it - we set aside the matter back to the file of the learned PCIT to examine the submission of the assessee sent through email dated 19th March, 2020 and then to decide the issue whether the order of the learned Assessing Officer is erroneous and prejudicial to the interest of the Revenue or not, only on the aspect of claim of deduction under section 80IB(10) of the Act. PCIT on consideration of the explanation submitted by the assessee, if he feels that still the jurisdiction lies with him and the order passed by the learned Assessing Officer is still erroneous so far as prejudicial to the interest of the Revenue, grant opportunity for hearing to the assessee and then decide the issue on its merit. In view of this, Ground no 1 & 2 of the appeal are partly allowed.
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