Appeal partially allowed for statistical purposes, assessment set aside for reframing, assessee to claim deduction under different law provision. Stay Application deemed infructuous.

The Tribunal partially allowed the appeal for statistical purposes, setting aside the assessment to be reframed de novo, allowing the assessee to claim deduction under a different provision of law. The Stay Application of the assessee was deemed infructuous.

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Issues involved: Appeal against order u/s 263 of the Income-tax Act, 1961 regarding deduction under S.10A and S.10B.

Summary:

Issue 1: Deduction under S.10A and S.10B
The assessee appealed against the Commissioner of Income-tax's order under S.263, claiming that the deduction under S.10A was allowable instead of S.10B as filed in the return. The assessing officer allowed the deduction without further investigation. The Tribunal found that the Commissioner could interfere with the order, but should have remanded the matter to the assessing officer for proper consideration. The Tribunal modified the order to set aside the assessment to reframe it de novo, allowing the assessee to claim deduction under another provision of law.

Decision:
The Tribunal partly allowed the appeal for statistical purposes and declared the Stay Application of the assessee as infructuous.

Conclusion:
The Tribunal directed the assessing officer to reframe the assessment de novo, providing a reasonable opportunity for the assessee to claim deduction under a different provision of law.

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