TaxTMI 
TaxTMI 
2018 (9) TMI 294
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....ssessment Year 1995-1996. 2. This Appeal was admitted by this Court on 9th August, 2004 wherein the following substantial question of law was framed for consideration of this Court which reads thus:- "Whether on facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in upsetting the order passed by the Commissioner of Income-tax passed under Section 263 of the Income- tax Act, 1961 holding that the assessee was not entitled to the entire figure of deduction under section 80-IA and thereby set aside the assessment order and direct the assessing officer to reframe the assessment after examining full facts of the case and after giving sufficient opportunity of being heard to the assessee?" 3. The Appeal ....
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....appearing on behalf of the Appellant as well as Mr. Hiro Rai appearing for the Respondent, we are satisfied that the reasoning given by the ITAT in the impugned order is a correct one. What is important to note over here is that while issuing notice under Section 263, the CIT had referred to only one ground which is that the deduction under Section 80-IA has been wrongly allowed by the Assessing Officer for Rs. 2,48,60,985/- "as against 30% of the gross total income to be computed as per Section 80-IA read with Section 80-AB". However, when the final order was passed under Section 263, the same has been passed on other grounds also which do not form a part of the notice that was issued by the CIT under Section 263. The two other grounds tha....
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....f. 7. However, the matter does not rest here. We find that this claim has been examined by the Assessing Officer in detail and it cannot be said that there was no enquiry by him. We, therefore, find that what the CIT has done is only to substitute his views in place of the views of the Assessing Officer which is clearly opposed to the ruling of this Court in CIT v/s Gabriel India Limited (203 ITR 108). The discussion on this aspect can clearly be found in the impugned order from pages 44 to 46 of the paper book. The factual aspects of the matter have been discussed in the impugned order with reference to how the Assessing Officer has applied his mind to the facts of the present case. After applying his mind and considering the explanation ....