https://www.taxtmi.com/caselaws?id=347799 The Tribunal held that the Assessing Officer's interpretation of Sections 10A and 10AA of the Income Tax Act as exemption provisions was legally sustainable. It found that the AO had conducted proper inquiries regarding separate units and accounts. The Tribunal also ruled that the AO's decision not to set off losses of non-eligible units against income eligible for deductions was permissible under the law and not prejudicial to revenue. As a result, the Tribunal quashed the CIT's order under Section 263, allowing the Assessee's appeal. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 12 Sep 2017 08:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347799 The Tribunal held that the Assessing Officer's interpretation of Sections 10A and 10AA of the Income Tax Act as exemption provisions was legally sustainable. It found that the AO had conducted proper inquiries regarding separate units and accounts. The Tribunal also ruled that the AO's decision not to set off losses of non-eligible units against income eligible for deductions was permissible under the law and not prejudicial to revenue. As a result, the Tribunal quashed the CIT's order under Section 263, allowing the Assessee's appeal. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347799