2022 (3) TMI 69

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.... Accountant Member The assessee has filed this appeal challenging the validity of revision order passed by Ld. Principal CIT-6, Bengaluru u/s. 263 of the Income-tax Act, 1961 ['the Act' for short] for assessment year 2013-14. 2. The facts relating to the case are stated in brief. The assessee is engaged in the business of mining of iron ore. The assessment in the hands of the assessee fo....

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....tries (FIMI) and the same is the trade association related to the business carried on by the assessee. It was submitted that the payment has been made to the trade association on business interests of the assessee. Accordingly it was submitted that the above said payment is allowable as business expenditure. It was also submitted that the Ld. PCIT was not justified in initiating revision proceedin....

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....ngly, he held that the assessment order passed by the A.O. u/s. 143(3) of the Act is erroneous in so far as it is prejudicial to the interest of the revenue. Accordingly, the Ld. Principal CIT directed the A.O. to recompute the total income by disallowing the donation amount of Rs. 65,35,000/-. 5. We heard the parties and perused the record. The Ld. A.R. contended that the impugned amount has bee....

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....udicial to the interests of revenue. The Ld. D.R. submitted that the question of A.O. taking a plausible view does not arise in the instant case. Accordingly he submitted that the Ld. Principal CIT has rightly initiated revision proceedings u/s. 263 of the Act. 7. In the rejoinder, the Ld. A.R. submitted that the Ld. Principal CIT has directed the A.O. to straight away disallow the claim and acco....