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2015 (4) TMI 682 - HC - Income TaxEntitlement to deduction under section 80IB(10) - Review u/s 263 - Held that:- The contract between the two parties was self explanatory and the interpretation placed by the Assessee on clause 7 and claiming deduction under section 80IB(10) is in order. The interpretation of one of the Assessing Officer could not have substituted the parties interpretation of the relevant clause 7 of the AOP agreement with his own reasoning and that too to the detriment of the Assessee. The facts in the present case also reveal that the conclusions arrived at by the Tribunal vide order dated 12th October, 2012 are neither perverse nor giving rise to any error of law apparent on the face of the record. The issue cannot be reopened in the manner sought to be done in the present case and section 263 of the Act could not be resorted to for the purpose. The order of the Assessing Officer had obviously merged with the order of the First Appellate Authority. Accordingly, we find that the subject Appeal does not raise any substantial question of law. The Appeal is, therefore, dismissed. - Decided against revenue.
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