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2023 (5) TMI 213 - AT - Income TaxRevision u/s 263 - treatment of VAT remission as not eligible for deduction u/s 80IE - HELD THAT:- For CIT while invoking the provision of section 263, both the conditions that the order must be erroneous and prejudicial to the interest of revenue needs to be satisfied. We find that the issue in the present case relating to allowability of claim of deduction u/s 80IE of the Act is covered by the judicial precedent referred above. Accordingly, in respect of issue raised by the ld. PCIT in respect of VAT Remission in the revisionary proceedings, no action u/s 263 of the Act is justifiable which in our considered view cannot be sustained by respectfully following the decision of the Hon’ble Supreme Court Meghalaya Steels Ltd [2016 (3) TMI 375 - SUPREME COURT] as well as Hon’ble Jurisdictional High Court Meghalaya Steels Ltd [2010 (9) TMI 679 - GAUHATI HIGH COURT] We, therefore, quash the impugned order u/s 263 of the Act and allow the grounds raised by the assessee.
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