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TMI Blog2018 (10) TMI 1670X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee, and Mr. S.Bharath represented on behalf of the Revenue. 3. It was submitted by the Ld.AR that the assessee is a partnership firm, which is doing business of Real Estate and Construction. It was a submission that assessee had filed its return of income for the impugned assessment year on 08.09.2009 admitting 'Nil' income after claiming deduction u/s.80-IB of the Act. It was a submission that the assessment u/s.143(3) of the Act was originally completed on 29.12.2011, which was subject to a revision u/s.263 of the Act vide order dated 28.03.2014 wherein the Commissioner of Income Tax-III Chennai had directed the ld. Assessing Officer to complete the fresh assessment in accordance with law after obtaining and examining all documents an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act dated 30.03.2015. It was a submission that the revision u/s.263 as proposed by the Commissioner of Income Tax, Chennai, was clearly on the basis of a change of opinion and re-appraisal of the same facts, which had been considered by the ld. Assessing Officer on two separate occasions, of which one was on account of revision u/s.263 on identical issues, revision order passed u/s.263 of the Act is liable to be quashed. 4. In reply, the ld.D.R vehemently supported the order of the Principal Commissioner of Income Tax, Chennai-5. It was a submission that Principal Commissioner of Income Tax had the powers to revise any order u/s.263 of the Act, if the same was found to be erroneous and prejudicial to the interests of the Revenue. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the decision of the Tribunal vide order dated 22.11.2012 in the case of SriLakshmi Brick Industries has dealt with this issue proposed in the revision order and the Bench has categorically concluded in paras 9 & 10 that the land owner under similar circumstances would be entitled for the benefit of deduction u/s.80-IB(10) of the Act in the computation of the taxable total income. This view has been clearly expressed by the Appellate Authority and the ld. Assessing Officer has in the course of assessment followed such view expressed by the Appellate Authority, when granting the assessee benefit of deduction u/s.80-IB of the Act. Thus clearly the revision as done by the Commissioner of Income Tax u/s.263 of the Act is based exclusively ..... X X X X Extracts X X X X X X X X Extracts X X X X
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