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of <h1>Tribunal Upholds Reassessment Order for 2017-18, Citing Ineligibility for Section 80IB Deduction Due to Late Operations Start.</h1> The case involves an appeal against the Principal Commissioner of Income Tax's (PCIT) order for the 2017-18 assessment year concerning a deduction under section 80IB of the Income Tax Act, 1961. The assessee claimed a deduction, which was initially accepted. However, the PCIT found the assessee ineligible due to the commencement of operations outside the specified timeframe in section 80IB(11A). The PCIT directed a reassessment, quashing the original order. The Tribunal upheld the PCIT's decision, deeming the original assessment erroneous and justifying the reassessment under section 263, highlighting the importance of scrutinizing eligibility criteria for deductions.
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