https://www.taxtmi.com/caselaws?id=422691 The Tribunal found that the Ld. Pr. CIT's assumption of jurisdiction under section 263 was without merit as the AO's decision to allow the deduction under section 80IC was legally sustainable. The Tribunal held that the income items in question had a direct nexus to the eligible business, justifying their inclusion for the deduction. As a result, the Tribunal quashed the Ld. Pr. CIT's order and reinstated the AO's assessment order, ruling in favor of the assessee. en-us Wed, 18 May 2022 00:00:00 +0530 Fri, 20 May 2022 09:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422691 The Tribunal found that the Ld. Pr. CIT's assumption of jurisdiction under section 263 was without merit as the AO's decision to allow the deduction under section 80IC was legally sustainable. The Tribunal held that the income items in question had a direct nexus to the eligible business, justifying their inclusion for the deduction. As a result, the Tribunal quashed the Ld. Pr. CIT's order and reinstated the AO's assessment order, ruling in favor of the assessee. Case-Laws Income Tax Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422691