Housing project tax deduction u/s80-IB(10) in assessment; s.263 revision blocked where AO took plausible view. The dominant issue was whether the Commissioner could invoke revisionary jurisdiction under s.263 to disturb an assessment granting deduction under ...
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Housing project tax deduction u/s80-IB(10) in assessment; s.263 revision blocked where AO took plausible view.
The dominant issue was whether the Commissioner could invoke revisionary jurisdiction under s.263 to disturb an assessment granting deduction under s.80-IB(10) when the AO had adopted one of multiple plausible views. Applying the settled standard that s.263 lies only where the order is both "erroneous" and "prejudicial to the interests of the Revenue," the Court treated the allowability of the s.80-IB(10) deduction as a debatable question admitting more than one reasonable view; therefore, adoption of one plausible view by the AO could not be characterised as erroneous. Consequently, the basis for s.263 revision failed and the challenge to the revision was sustained.
The Supreme Court de-tagged SLP(C) No. 33975/2013 and SLP(C) No. 19159/2014. Leave was granted, and a rejoinder affidavit should be filed within four weeks for other matters, to be notified on 01.12.2014.
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