https://www.taxtmi.com/caselaws?id=240519 The Tribunal upheld the Commissioner of Income-tax's order under Section 263, determining that the Assessing Officer had failed to conduct proper inquiries and had issued the assessment order without due application of mind. The Tribunal agreed that the order was erroneous and prejudicial to Revenue's interests. However, the Tribunal directed the Assessing Officer to reassess the eligibility for deduction under Section 80-IA independently, without being influenced by the Commissioner's findings. The Assessing Officer was instructed to reevaluate the deduction eligibility and issue a new assessment order after providing the assessee with a fair hearing opportunity. The assessee's appeal was rejected. en-us Tue, 18 Sep 2012 00:00:00 +0530 Fri, 06 Dec 2013 07:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240519 The Tribunal upheld the Commissioner of Income-tax's order under Section 263, determining that the Assessing Officer had failed to conduct proper inquiries and had issued the assessment order without due application of mind. The Tribunal agreed that the order was erroneous and prejudicial to Revenue's interests. However, the Tribunal directed the Assessing Officer to reassess the eligibility for deduction under Section 80-IA independently, without being influenced by the Commissioner's findings. The Assessing Officer was instructed to reevaluate the deduction eligibility and issue a new assessment order after providing the assessee with a fair hearing opportunity. The assessee's appeal was rejected. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240519