TMI Blog2022 (4) TMI 1465X X X X Extracts X X X X X X X X Extracts X X X X ..... noted that in respect of deduction claimed u/s 80IB(10) the assessee has given the audit report in Form no.10CCB and also furnished the basis on which the deduction was claimed under Section 80IB. After noting these facts which were not in dispute, the Tribunal examined as to whether the PCIT has recorded any reasons as to how the assessment order dated 4th March, 2015 was erroneous so far as prejudicial to the interest of the revenue. Tribunal on facts found that no reasons have been recorded by the PCIT justifying his action invoking the power under Section 263 - Tribunal has proceeded to consider as to whether the conditions stipulated for being entitled for deduction under Section 80IB(10) was fulfilled by the assessee and on facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the circumstances of the case, the Learned Tribunal has erred in law or in fact in quashing the order passed under Section 263 of the Income Tax Act, 1961 without appreciating the totalities of the facts and circumstances raises substantial question of law? b) Whether on the facts and the circumstances of the case, the Learned Tribunal has erred in law or in fact in not appreciating that in a proceeding under Section 263A of the Income Tax Act, 1961, the CIT(Appeals) must come to a conclusion that the assessment by the assessing officer has to be erroneous and ought to be prejudicial to the interest of revenue and the learned tribunal had failed to appreciate that the CIT(Appeals) came to a definite findings that the order passed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been made out. The Tribunal notes that the Assessing Officer issued notice under Section 142(1) of the Act on 7th May, 2014 and 17th June, 2014, wherein he has called for several details including details of the advance received from customers. The Tribunal noted that the assessee has given details as called for by the Assessing Officer and the details contained in annexures in support of the advances received giving names of each of the party and these records were also placed before the Tribunal in the form of a paper book. Further, the Tribunal noted that the assessee had filed tax audit report under Section 44AB of the Act in Form no.3CA along with the particulars and also furnished Form no.3CD. Further, the Tribunal noted that in res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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