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2018 (6) TMI 1464 - AT - Income TaxRevision u/s 263 - disallowance u/s 35(1)(ii) - Held that:- It is not the case of the Pr. CIT that when the contribution of ₹ 20,00,000/- was made by the assessee to M/s. SHGPH, it was not recognized u/s 35(1)(ii) so legally the AO’s action to allow weighted deduction u/s 35(1)(ii) of the Act cannot be held to be erroneous. A.O’s order dated 29.06.2016 cannot be termed as erroneous and therefore, the assumption of revisional jurisdiction of the Pr. CIT itself does not satisfy condition precedent to invoke the jurisdiction u/s 263 of the Act fails. The subsequent developments i.e. CBDT Notification rescinding the recognition for M/s. SHGPH on 15.09.2016 cannot be a ground to hold that A.O’s order on 29.06.2016 is erroneous in the light of the Explanation in section 35(1)(ii). Therefore, in any case the assumption of revisional jurisdiction of the ld. Pr. CIT itself does not satisfy condition precedent to invoke the jurisdiction u/s 263 - decided in favour of assessee.
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