2012 (4) TMI 593

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..... en taken on board and called out for hearing by consent. 2. The appeal arises from the order of the Income Tax Appellate Tribunal dated 20 August 2010. The assessment year to which the appeal relates is Assessment Year 2005-2006. The Revenue has raised the following questions of law : (a) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified i .....

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..... dated 27 March 2007 allowed the claim of the assessee under section 80 IB. The Commissioner of Income Tax issued a notice to show cause on 7 October 2008 under section 263. In exercise of the jurisdiction under section 263, the Commissioner of Income Tax set aside the order of the Assessing Officer allowing the claim under section 80 IB. 4. The Tribunal has carefully evaluated the nature of the .....

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..... not to have exercised jurisdiction under section 263. The first conclusion of the Tribunal is based on the material on record and consistent with the law laid down by the Supreme Court which has been adverted to in the decision of the Tribunal. In any event, the impugned order of the Tribunal could also be sustained on the second finding, since recourse to the provisions of section 263 was not wa .....

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