https://www.taxtmi.com/caselaws?id=312065 The ITAT Rajkot partially allowed the assessee's appeal against revision u/s 263. The tribunal held that the AO failed to conduct proper inquiry regarding non-accrual of interest on outstanding advances, despite substantial interest receipts in preceding years on similar advances. The assessee could not provide supportive evidence justifying why interest was not charged during the assessment year. However, regarding deduction u/s 80IA, the tribunal found the assessee eligible for the deduction as they had started eligible business operations from 2007-08 and properly claimed deduction within the prescribed timeframe. The Pr. CIT's order was upheld on the interest issue but not on the 80IA deduction matter. en-us Fri, 11 Nov 2016 00:00:00 +0530 Tue, 30 Jan 2024 17:26:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312065 The ITAT Rajkot partially allowed the assessee's appeal against revision u/s 263. The tribunal held that the AO failed to conduct proper inquiry regarding non-accrual of interest on outstanding advances, despite substantial interest receipts in preceding years on similar advances. The assessee could not provide supportive evidence justifying why interest was not charged during the assessment year. However, regarding deduction u/s 80IA, the tribunal found the assessee eligible for the deduction as they had started eligible business operations from 2007-08 and properly claimed deduction within the prescribed timeframe. The Pr. CIT's order was upheld on the interest issue but not on the 80IA deduction matter. Case-Laws Income Tax Fri, 11 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312065