https://www.taxtmi.com/caselaws?id=762801 ITAT Ahmedabad set aside the Principal CIT's revision order u/s 263 challenging the assessee's deduction claim u/s 10AA. The tribunal found the 263 order violated natural justice principles as it disregarded the assessee's legal submissions without proper analysis or rebuttal. The assessing officer had originally examined the exemption claim after considering written submissions and took a legally plausible view. Since the assessee had opted for VSV scheme and paid taxes, the matter was concluded and couldn't be re-agitated through 263 proceedings. The tribunal also noted this was the 9th year of consistent deduction claims, supporting the principle of consistency. Appeal decided in favor of assessee. en-us Wed, 04 Dec 2024 00:00:00 +0530 Sat, 07 Dec 2024 08:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762801 ITAT Ahmedabad set aside the Principal CIT's revision order u/s 263 challenging the assessee's deduction claim u/s 10AA. The tribunal found the 263 order violated natural justice principles as it disregarded the assessee's legal submissions without proper analysis or rebuttal. The assessing officer had originally examined the exemption claim after considering written submissions and took a legally plausible view. Since the assessee had opted for VSV scheme and paid taxes, the matter was concluded and couldn't be re-agitated through 263 proceedings. The tribunal also noted this was the 9th year of consistent deduction claims, supporting the principle of consistency. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762801