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2022 (7) TMI 844 - AT - Income TaxRevision u/s 263 by CIT - deduction u/s 80IC - HELD THAT:- We are in complete agreement with the Ld. AR that in the present case there was a merger of the order of the lower authorities with the order of the Tribunal for assessment year 2013-14 [2019 (9) TMI 142 - ITAT CHANDIGARH] wherein the Tribunal had ruled in favour of the assessee by holding that the assessee was eligible for deduction @ 100% u/s 80IC vis-à-vis substantial expansion and, therefore, after such merger, Pr.CIT could not have legally and validly invoked the provisions of section 263 of the Act to set aside the matter again to the file of the AO for reconsidering the initial assessment year vis-a-vis substantial expansion. Thus, in our considered view, Pr.CIT has stepped beyond the power conferred upon him u/s 263 and we have no option but to hold that these powers were not exercised under correct appreciation of law. We, therefore, quash the proceedings u/s 263 of the Act and allow the grounds raised by the assessee.
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