https://www.taxtmi.com/caselaws?id=177279 Revision under section 263 can be invoked where the Assessing Officer allows deduction under section 80IB without examining whether the assessee qualified as a small scale industrial undertaking for the relevant year. Eligibility under section 80IB depends on satisfying the prescribed investment limit in plant and machinery as on the last day of the previous year, and a certificate alone is insufficient if that condition is not met. Prior allowance in earlier years does not create a vested right, because each assessment year is separate and res judicata does not apply. The assessment was therefore treated as erroneous and prejudicial to the Revenue, and the deduction was denied for the year under consideration. en-us Tue, 15 Jan 2013 00:00:00 +0530 Fri, 09 Jun 2017 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177279 Revision under section 263 can be invoked where the Assessing Officer allows deduction under section 80IB without examining whether the assessee qualified as a small scale industrial undertaking for the relevant year. Eligibility under section 80IB depends on satisfying the prescribed investment limit in plant and machinery as on the last day of the previous year, and a certificate alone is insufficient if that condition is not met. Prior allowance in earlier years does not create a vested right, because each assessment year is separate and res judicata does not apply. The assessment was therefore treated as erroneous and prejudicial to the Revenue, and the deduction was denied for the year under consideration. Case-Laws Income Tax Tue, 15 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177279