Assessment of Eligibility for Tax Deductions Under Scrutiny: Tribunal Upholds PCIT's Revisionary Powers

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oner of Income Tax (PCIT) for the assessment year 2017-18. The primary issue revolves around the assessment of a deduction under section 80IB of the Income Tax Act, 1961. Factual Background: The assessee, in this case, filed a return of income for the assessment year 2017-18, claiming a deduction under section 80IB(11) of the Income Tax Act. The original assessment was completed, accepting the cl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der section 80IB(11) was the focal point. The PCIT noted that the assessee commenced operations outside the period specified in section 80IB(11A), thus disqualifying them from the deduction. * Assessment and Reassessment: The original assessment accepted the deduction claim without scrutinizing the eligibility criteria under section 80IB(11A). The reassessment by the PCIT was based on the prem....