https://www.taxtmi.com/caselaws?id=753917 The ITAT Cochin upheld the Pr. CIT's revision order u/s 263 regarding deduction u/s 32AC for investment in new plant and machinery. The AO failed to conduct proper inquiry into the assessee's claim, accepting the assessee's reply without due verification or application of mind. The court found the AO's assessment lacked adequate examination of whether plant and machinery was properly "acquired" versus "installed" under the provision. The matter was correctly set aside for de novo consideration by the AO with directions for proper inquiry and speaking order. The assessee's appeal challenging the revision was dismissed. en-us Fri, 10 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 03:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753917 The ITAT Cochin upheld the Pr. CIT's revision order u/s 263 regarding deduction u/s 32AC for investment in new plant and machinery. The AO failed to conduct proper inquiry into the assessee's claim, accepting the assessee's reply without due verification or application of mind. The court found the AO's assessment lacked adequate examination of whether plant and machinery was properly "acquired" versus "installed" under the provision. The matter was correctly set aside for de novo consideration by the AO with directions for proper inquiry and speaking order. The assessee's appeal challenging the revision was dismissed. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753917