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2015 (8) TMI 867 - AT - Income TaxRevision u/s 263 - deduction under section 80-IA - Held that:- The argument of the assessee that a perusal of the original order passed under section 143(3) of the Act on December 30, 2011, prima, facie demonstrates that the Assessing Officer had granted deduction under section 80-IA of the Act, after obtaining certain details and documents and hence the order passed under section 263 is against law has some force, which has to be examined at the final hearing. We make it clear that this is only a prima facie observation and shall not have any precedence value. Hence we are of the view that the assessee has demonstrated that, it has a prima facie case. At the same time we also notice that the time limit for completing the assessment under section 143(3) in pursuance of the order under section 263 dated March 30, 2014, will expire on March 31, 2015. The time left is a little over two months from today. Thus, it will not be correct to grant stay of assessment proceedings, which are a consequence to the impugned section 263 order, as any such order, may result in the order to be passed under section 143(3) read with section 263, becoming time barred. Hence we refrain from staying the said assessment proceedings. Be it as it may, as we are convinced that the balance of convenience is in favour of the assessee, we stay the operation of the order to be passed under section 143(3) read with section 263 of the Act for the assessment year 2009-10 for a period of 60 days, from the date of passing of such an order under section 143(3) read with section 263 or disposal of the appeal. Stay application is partly allowed.
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