2023 (7) TMI 1668

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....the assessment u/s. 263 of the Income Tax Act. 2. The learned Principal CIT has erred in law and on the facts of the case in holding that the deduction u/s. 80G to the extent of Rs. 18,83,000/- was not allowable since the amount was spent on CSR activities. 3. The assessee craves leave to add, alter or amend the above grounds of appeal." 2. Fact in brief is that assessment u/s 143(3) was finalised on 26.02.2021. Subsequently, the ld. PCIT, Mumbai-4, on examination of the record observed that assessment order passed u/s 143(3) of the Act on 26.02.2021 by the assessing officer is erroneous insofar as it is prejudicial to the interest of the revenue because of the following reasons: "i. On perusal of case record, ....

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....bited in the P&L under the head "Donation" has not been added back by assessee in its computation of income in the ITR-6. iv. The failure of the Assessing Officer to make the enquiries which were warranted under the facts and circumstances of the case and under the provisions of law have rendered the assessment order dt 26.02.2021 as erroneous in so far it is prejudicial to the interest of revenue." In view of the aforesaid reasons the ld. CIT(A) has issued show cause notice to the assessee on 22.02.2023 to show cause as to why action u/s 263 should not be taken, considering the above referred issues in para 2(1) to 2(iv) of this order. In response, with regard to deduction u/s 80IA of Rs. 85,46,370/- the assessee submitted that....