https://www.taxtmi.com/caselaws?id=312155 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding assessee's deduction claim u/s 80IB(10) for FSI sale. The Tribunal held that since the same issue was decided in assessee's favour for AY 2013-14 by the Tribunal (superior authority), PCIT was bound to follow this precedent. The assessment order represented a possible view supported by Tribunal's decision, thus not erroneous. Additionally, PCIT failed to provide hearing opportunity on fresh issues and improperly initiated revision based on Addl. CIT's proposal rather than independent examination of records, violating mandatory requirements of section 263. en-us Tue, 26 Apr 2022 00:00:00 +0530 Sat, 03 Feb 2024 19:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312155 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding assessee's deduction claim u/s 80IB(10) for FSI sale. The Tribunal held that since the same issue was decided in assessee's favour for AY 2013-14 by the Tribunal (superior authority), PCIT was bound to follow this precedent. The assessment order represented a possible view supported by Tribunal's decision, thus not erroneous. Additionally, PCIT failed to provide hearing opportunity on fresh issues and improperly initiated revision based on Addl. CIT's proposal rather than independent examination of records, violating mandatory requirements of section 263. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312155