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2022 (8) TMI 1271 - AT - Income TaxRevision u/s 263 - deduction u/s 80IC - reliance on ‘audit objection’ which has led to the issuance of notice u/s 263 - as per CIT claim of deduction u/s 80IC of the Act had been allowed by the AO on a wrong appreciation of facts as the area in which the manufacturing unit was located did not fall in the area notified by the CBDT for the purpose of claiming deduction u/s 80IC - HELD THAT:- Undisputedly, the show cause notice u/s 263 has been prompted by the ‘audit objection’, which is evident from the show cause notice issued u/s 263, where there is a reference to the said ‘Audit objection’ in Para 3 of ‘show cause notice’ and, thus, this contention of the assessee deserves to be taken into consideration. This issue is covered by the order of the Chandigarh Bench of the ITAT in the case of ‘Ganga Acrowools Limited [2022 (5) TMI 895 - ITAT CHANDIGARH] wherein held Principal Commissioner of Income-tax was not justified in exercising his power to invoke the provision of section 263 of the Act on the basis of audit objection raised by the Audit Wing of the Department. - Decided in favour of assessee.
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