https://www.taxtmi.com/caselaws?id=248074 The appeal challenged the jurisdiction assumed by the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act. The tribunal found the CIT's order justified in part for lack of enquiry on a deduction claim under Section 80IC but set aside the order regarding non-charging of interest on loans to the subsidiary. The tribunal concluded that the Assessing Officer had conducted an enquiry and accepted the explanation provided by the assessee, with the CIT failing to demonstrate the AO's view was incorrect. As a result, the appeal was allowed. en-us Thu, 15 May 2014 00:00:00 +0530 Sat, 31 May 2014 11:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248074 The appeal challenged the jurisdiction assumed by the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act. The tribunal found the CIT's order justified in part for lack of enquiry on a deduction claim under Section 80IC but set aside the order regarding non-charging of interest on loans to the subsidiary. The tribunal concluded that the Assessing Officer had conducted an enquiry and accepted the explanation provided by the assessee, with the CIT failing to demonstrate the AO's view was incorrect. As a result, the appeal was allowed. Case-Laws Income Tax Thu, 15 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248074