2023 (1) TMI 138 - SCH - Income Tax

Revision u/s 263 - lack of enquiry with regard to claim of deduction made by the assessee under Section 80IB(10) - Whether the Tribunal was correct in holding that the order under Section 263 of the Act is not sustainable in view of insertion of Section 13(8) of the Act? - as per HC instant case was a case of lack of enquiry and not inadequate enquiry with regard to claim of the assessee with regard to deduction under Section 80IB(10) of the Act also as not expressed any opinion with regard to claim of the assessee for deduction under Section 80IB(10) of the Act and direct the Assessing Officer to deal with the aforesaid claim of the assessee afresh in accordance with law. HELD THAT - The High Court by its impugned order directed the Assessing Officer to deal with the claim of the assessee afresh in accordance with law. Petitioner submits that in view of the observations made by the High Court, the consequences of the retrospective amendment in Section 13(8) may not be considered by the Assessing Officer. We make it clear that it shall be open for the Assessing Officer to consider all the pleas of the assessee including the consequences of the retrospective amendment in accordance with law irrespective of the observations made by the High Court or the ITAT. Subject to above observations, we are not inclined to entertain this petition. The special leave petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the special leave petition and directed the Assessing Officer to consider all pleas of the assessee, including the consequences of the retrospective amendment in Section 13(8), in accordance with the law.