https://www.taxtmi.com/caselaws?id=120869 The Tribunal held that the provisions of section 263 were not applicable as the Assessing Officer had taken a plausible view supported by various authorities. It was found that the CIT's order lacked initial jurisdiction and was not justified. The Tribunal also ruled in favor of the assessee regarding the exemption claimed under section 10(23G) and the interest deduction claimed under section 36(1)(iii), stating that the AO's decisions were supported by evidence and law. Consequently, the appeal of the assessee was allowed, and the CIT's order was set aside. en-us Wed, 31 Oct 2007 00:00:00 +0530 Wed, 25 Jul 2012 11:06:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120869 The Tribunal held that the provisions of section 263 were not applicable as the Assessing Officer had taken a plausible view supported by various authorities. It was found that the CIT's order lacked initial jurisdiction and was not justified. The Tribunal also ruled in favor of the assessee regarding the exemption claimed under section 10(23G) and the interest deduction claimed under section 36(1)(iii), stating that the AO's decisions were supported by evidence and law. Consequently, the appeal of the assessee was allowed, and the CIT's order was set aside. Case-Laws Income Tax Wed, 31 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120869