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2023 (3) TMI 201 - AT - Income TaxRevision u/s 263 - As per CIT assessment order passed by AO is erroneous and prejudicial to the interest of Revenue in allowing the claim of deduction u/s 80IA - HELD THAT:- In this case, in the assessment order, the Assessing Officer has specifically noted the issue, wherein at para 1 Sl.No. (iii) deduction claimed for industrial undertaking u/s 80IA/ 80IAB/80IAC/IB/IC/IBA/80ID/80IE/10A/10AA. AO has issued notice under section 142(1) in respect of deduction claimed under section 80IA of the Act and also computation in respect of 80IA - Again, AO has issued notice u/s 142(1) of the Act and specifically asked about the claim of the assessee in respect of HTSC No. 1313 for which the assessee claimed deduction under section 80IA of the Act and he also asked that why there is a mismatch in name of the undertaking i.e., M/s. Graha Inds. Pvt. Ltd. In response to that the assessee filed a reply wherein, it has specifically explained that M/s. Graha Industries got merged with the assessee company and the Hon’ble Madras High Court has approved the amalgamation and filed copy of the judgement before the AO. Thereafter, after examining the details produced by the assessee, AO has completed the assessment under section 143(3) of the Act dated 09.03.2021. Under these facts and circumstances of the case, we are of the opinion that it cannot be said that the Assessing officer has not examined the issue AO, after making enquiry about allowability of deduction claimed by the assessee and after receiving the information relating to that, the Assessing Officer has completed the assessment order. PCIT was of the opinion that the Assessing officer has not discussed anything in respect of the issue in the assessment order and therefore, the assessment order is erroneous. In our opinion, the Assessing Officer, examining all the details, came to a conclusion that the assessee is eligible for claiming deduction and no discussion is required. Therefore, the order passed by the Assessing Officer cannot be said that it is an erroneous order. So far as merits of the case is concerned, the Mumbai Benches of the Tribunal in the case of UltraTech Cement Ltd [2022 (1) TMI 923 - ITAT MUMBAI] has considered similar issue and also considered the Circular No. 3 of 2008 dated 12.03.2008 issued by the CBDT, thus the order passed by the Assessing Officer cannot be said that it is erroneous and prejudicial to the interest of Revenue. PCIT was not able to establish that the assessment order passed under section 143(3)by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. Thus, the revision order passed by the ld. PCIT is quashed. Decided in favour of assessee.
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