https://www.taxtmi.com/caselaws?id=463832 ITAT MUMBAI - AT quashed revision under s.263 where CIT(LTU) had set aside AO's allowance of s.80IC deduction for a consumer-division unit. Tribunal held CIT(LTU) failed to demonstrate the AO's assessment was both erroneous and prejudicial to revenue as required for s.263. Noting AO had examined s.80IC issues and in light of SC authority permitting continuation of 100% exemption where substantial expansion is established, the revision order was held unsustainable and the assessee's appeal was allowed. en-us Wed, 17 Jul 2019 00:00:00 +0530 Thu, 18 Sep 2025 13:51:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463832 ITAT MUMBAI - AT quashed revision under s.263 where CIT(LTU) had set aside AO's allowance of s.80IC deduction for a consumer-division unit. Tribunal held CIT(LTU) failed to demonstrate the AO's assessment was both erroneous and prejudicial to revenue as required for s.263. Noting AO had examined s.80IC issues and in light of SC authority permitting continuation of 100% exemption where substantial expansion is established, the revision order was held unsustainable and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463832