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2022 (5) TMI 1220 - AT - Income TaxRevision u/s 263 - Validity of assessment orders completed u/s 143(3) r.w.s. 153A - eligibility of deduction u/s 80IB - HELD THAT:- Admittedly, there is no incriminating material found during the course of search u/s 132 and the assessment orders for the relevant assessment years, namely, A.Y. 2011-2012 and 2012-2013 had already been concluded as on the date of search. Hence, deduction u/s 80IB which is already allowed in the assessments completed u/s 143(3) (for assessment year 2011-2012 the assessment completed vide order dated 10.05.2013 and for assessment year 2012-2013, the assessment u/s 143(3) was concluded on 14.08.2014) cannot be denied unless incriminating material is found during the course of search, warranting disallowance. Therefore, on the fact of the instant case, in an assessment completed u/s 143(3) r.w.s. 153A pursuant to search u/s 132 A.O. could not have disallowed the claim of deduction u/s 80IB - Pr.CIT is seeking to revise the assessment orders completed u/s 143(3) r.w.s. 153A of the I.T.Act. When the Assessing Officer u/s 143(3) r.w.s. 153A of the I.T.Act, cannot deny the claim of deduction u/s 80IB of the I.T.Act (in absence of incriminating material), the Pr.CIT in a revisionary proceeding cannot direct the AO to disallow the claim of deduction. In other words, there is no error in the assessment orders completed u/s 143(3) r.w.s. 153A (since there is no incriminating material found during the course of search pertaining to the claim of deduction u/s 80IB of the I.T.Act), warranting interference by Pr.CIT u/s 263. In the light of the aforesaid reasoning and the ITAT order in the case of Shri S.R.Ravishankar v. Pr.CIT [2022 (2) TMI 1238 - ITAT BANGALORE] we quash the impugned orders u/s 263 of the I.T.Act, since the assessment orders passed u/s 143(3) r.w.s. 153A of the I.T.Act cannot be stated to be erroneous. Appeal of assessee allowed.
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