https://www.taxtmi.com/caselaws?id=180398 The tribunal quashed the CIT's order under Section 263, restoring the AO's original assessment order. It held that the assessee met the conditions for deduction under Section 80IB(10) as the land was transferred to the firm by way of capital contribution. The tribunal emphasized that the CIT could not assume jurisdiction for revision based on a different interpretation of the facts, especially when the AO's order was one of the possible views. The appeal of the assessee was allowed, and the assessment order was deemed not erroneous or prejudicial to the interest of the Revenue. en-us Wed, 23 Dec 2015 00:00:00 +0530 Wed, 23 Mar 2016 10:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180398 The tribunal quashed the CIT's order under Section 263, restoring the AO's original assessment order. It held that the assessee met the conditions for deduction under Section 80IB(10) as the land was transferred to the firm by way of capital contribution. The tribunal emphasized that the CIT could not assume jurisdiction for revision based on a different interpretation of the facts, especially when the AO's order was one of the possible views. The appeal of the assessee was allowed, and the assessment order was deemed not erroneous or prejudicial to the interest of the Revenue. Case-Laws Income Tax Wed, 23 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180398