2022 (3) TMI 69

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....ena, D.R. ORDER Per B. R. Baskaran, 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. T....

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....paid to M/s. Federation of Indian Mineral Industries (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....

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....dered in terms of section 80G of the Act. Accordingly, 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 ....

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....endered the assessment order to be erroneous and prejudicial 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 directe....