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2022 (10) TMI 101 - AT - Income TaxRevision u/s 263 - Deduction u/s 80IB(10) - HELD THAT:- There was indeed unvarying and indistinguishable material placed before both these tax authorities during the course of regular assessment vis-à-vis revisionary proceeding, which in turn demonstrates that, AO considering the same submission of the assessee carried out inquiry with respect to eligibility of claim, basis of claim and compliance relating thereto(if any) and then finalized the assessment taking one of the plausible view in the light of settled legal position in allowing the deduction u/s 80IB(10) this evidently concludes that the adjudication squarely fell within aforementioned “Queen Principle”. Whereas under revisionary proceedings PCIT yet again conducted an inquiry into the claim of the appellant based on the like material and sitting on the same fence displaced with the views of Ld. AO and directed for modification of assessment which is ostensibly impermissible under a law following the ration laid in down in “CIT Vs Gabriel India Ltd.” [1993 (4) TMI 55 - BOMBAY HIGH COURT] and the Hon’ble Apex Court in “Malabar Industrial Co Ltd. Vs CIT” [2000 (2) TMI 10 - SUPREME COURT] Ergo, in the above context, we find the order of Ld PCIT is unsustainable in law, consequently we quash revisionary order passed u/s 263 of the Act and restore the order of assessment passed u/s 143(3). Appeal of appellant allowed.
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