https://www.taxtmi.com/caselaws?id=242439 The appeal challenged the revision order by CIT under Section 263 for the assessment year 2007-08, deeming the original assessment erroneous for allowing deduction u/s 10B without considering Section 10B(9). The Commissioner held the ownership transfer impacted deduction eligibility, directing disallowance. The controversy centered on the transfer of beneficial interest in the assessee company, impacting the shareholding pattern and eligibility for deduction u/s 10B. The Commissioner found the transfer reducing original promoters' voting power below 51%, thus disallowing the deduction. The Tribunal reversed the Commissioner's order, allowing the deduction u/s 10B based on evidence of genuine share transfer and compliance with the 51% shareholding requirement. en-us Fri, 10 Jan 2014 00:00:00 +0530 Tue, 14 Jan 2014 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242439 The appeal challenged the revision order by CIT under Section 263 for the assessment year 2007-08, deeming the original assessment erroneous for allowing deduction u/s 10B without considering Section 10B(9). The Commissioner held the ownership transfer impacted deduction eligibility, directing disallowance. The controversy centered on the transfer of beneficial interest in the assessee company, impacting the shareholding pattern and eligibility for deduction u/s 10B. The Commissioner found the transfer reducing original promoters' voting power below 51%, thus disallowing the deduction. The Tribunal reversed the Commissioner's order, allowing the deduction u/s 10B based on evidence of genuine share transfer and compliance with the 51% shareholding requirement. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242439