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2023 (9) TMI 550 - GUJARAT HIGH COURTRevision u/s 263 - A.O. has erred in granting deduction of expenditures claimed u/s. 57(iii) - HELD THAT:- Contention of the authority is that the AO’s order was erroneous and prejudicial to the interest of Revenue was wrong. As observed that the assessment of the assessee was taken under “Limited scrutiny under CASS for verifying the following CASS reasons “Large Deduction Claimed u/s. 57, Higher Turnover Reported in Service Tax Return as Compared to ITR”. Notice was issued under section 143(2) of the Act in which a specific query was put forth regarding the claim of Section 57 of the Act. Even otherwise the Tribunal observed that in the immediate preceding year, similar claim of interest deduction was allowed to the assessee under Section 36(1)(iii) of the Act. In light of this, the Tribunal reversed the order of the CIT under Section 263 of the Act. No substantial question of law arises for consideration.
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