https://www.taxtmi.com/caselaws?id=407401 The ITAT quashed the order passed by the Pr. CIT under section 263, restoring the original assessment order. The ITAT held that the AO's order was not erroneous and prejudicial to the interests of revenue. It emphasized that the eligibility for deduction under section 80IA(4)(iii) should be tested in the first year, and tax authorities could not re-examine conditions in subsequent years without new facts. The ITAT also noted that the Pr. CIT had no jurisdiction to adjudicate on compliance with the conditions of approval granted by the Ministry of Commerce and Industry. en-us Thu, 06 May 2021 00:00:00 +0530 Mon, 10 May 2021 08:50:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407401 The ITAT quashed the order passed by the Pr. CIT under section 263, restoring the original assessment order. The ITAT held that the AO's order was not erroneous and prejudicial to the interests of revenue. It emphasized that the eligibility for deduction under section 80IA(4)(iii) should be tested in the first year, and tax authorities could not re-examine conditions in subsequent years without new facts. The ITAT also noted that the Pr. CIT had no jurisdiction to adjudicate on compliance with the conditions of approval granted by the Ministry of Commerce and Industry. Case-Laws Income Tax Thu, 06 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407401