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2016 (12) TMI 56 - ITAT DELHIRevision u/s 263 - Computation of deduction u/s 36(1)(viia) - Held that:- the present case, the assessee had given the break-up of each branch. The assessee in its computation of revised total income/loss clearly mentioned that deduction u/s 36(1)(viia) of the Act was claimed @ 10% of average agricultural advances of ₹ 801.56 crores. Thereafter, the AO after examining the aforesaid details came to the conclusion that the claim of the assessee was allowable and he accordingly allowed the claim of the assessee u/s 36(1)(viia) of the Act. The said claim was in accordance with law and as provided in the provisions of Section 36(1)(viia) of the Act. AO made the proper inquiry/investigation on the issue under consideration and the ld. CIT simply directed the AO to re-examine the claim u/s 36(1)(viia) of the Act afresh. He nowhere recorded a finding that the inquiry made by the AO was erroneous and did not point out any error or mistake made by the AO. Therefore, the action of the ld. CIT in setting aside the assessment order passed by the AO was not justified. - Decided in favour of assessee
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