CIT Corrects AO's Deduction Error: Section 263 Invoked to Address Revenue Loss Due to Misapplication of Section 115JB.

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....Revision u/s 263 - deduction u/s. 80IB(10) - AO failed to apply the provisions of section 115JB - CIT was able to demonstrate that the view taken by the AO was not plausible rather it was legally unsustainable and incorrect. Besides it resulted in loss of revenue. Thus both the prerequisites were there when the CIT issued the notice u/s. 263 - AT....