https://www.taxtmi.com/caselaws?id=312740 ITAT Ahmedabad ruled in favor of the assessee in a section 263 revision case. CIT challenged AO's acceptance of section 10AA exemption claim where assessee filed incorrect Form 56G instead of Form 56F. ITAT held that beneficial provisions should be liberally construed and exemption cannot be denied for procedural lapses when assessee is otherwise eligible. Since correct Form 56F was filed during revision proceedings and AO had examined the claim substantively, twin conditions of section 263 (erroneous and prejudicial to revenue) were not satisfied. Revision proceedings were quashed. en-us Fri, 22 Apr 2022 00:00:00 +0530 Tue, 05 Mar 2024 08:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312740 ITAT Ahmedabad ruled in favor of the assessee in a section 263 revision case. CIT challenged AO's acceptance of section 10AA exemption claim where assessee filed incorrect Form 56G instead of Form 56F. ITAT held that beneficial provisions should be liberally construed and exemption cannot be denied for procedural lapses when assessee is otherwise eligible. Since correct Form 56F was filed during revision proceedings and AO had examined the claim substantively, twin conditions of section 263 (erroneous and prejudicial to revenue) were not satisfied. Revision proceedings were quashed. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312740