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2023 (9) TMI 1343 - HC - Income TaxRevision u/s 263 - claim deduction u/s 10AA - Tribunal held that it was not the case of PCIT that AO failed to make any additions/disallowance as he conducted enough inquiries to examine the debit and credit in the bank statement and he also examined the eligibility to claim deductions u/s 10AA of the Act and that is why he disallowed the deduction under section 10AA - HELD THAT:- Having considered the order of the Tribunal in light of the findings of the Principal CIT, we find that the Assessing Officer had conducted sufficient inquiry and examined the eligibility to claim deduction under section 10AA of the Act. It was not a case of ‘no inquiry’ or ‘lack of inquiry’. When an opinion is formed as a result of the inquiries, which was in the exclusive domain of the Assessing Officer, it is not open for the revisional authority to arrive at conclusions merely on the basis of a subjective exercise. Thus as perused the order of the Tribunal, no substantial questions of law arise.
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