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TMI Blog2014 (10) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 (2) TMI 10 - SUPREME COURT] we conclude that order passed u/s 263 is bad in law. - Decided in favour of assessee. - ITA No. 3637/Del/2014 - - - Dated:- 15-10-2014 - Shri I.C. Sudhir, JM And Shri J. Sudhakar Reddy, AM For the Appellant : Shri Rajesh Mahna, Advocate. For the Respondent : Shri R.S. Meena, CIT (DR). ORDER PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER This is an appeal filed by the revenue directed against the order of the Commissioner of Income Tax passed u/s 263 of the Act on 29.5.2014 wherein the deduction granted u/s 80IC of Income Tax Act, 1961 in the assessment order passed u/s 143(3) on 8.3.2014 by the AO was held to have been wrongly granted. Ld. CIT held that the assessment order passed u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted deduction u/s 80IC of the Act. 7. Aggrieved the assessee is in appeal. 8. After hearing rival contentions we find that on merits the H Bench of the ITAT in ITA No.362/Del/2013 for the asstt. Year 2009-10 the assessee s own case vide order dated 11th July, 2014 at para 7 and 8 held as follows:- 7. Even before the ITAT, the assessee has filed details of various purchases made from various parties in the course of import or processing with relevant account and copies of which are at (pages 2 to 81); notification of Government of India, Ministry of Commerce Ind. (pages 82 to 98); flow chart of assembling (pages 99 to 132); details of parties to whom sales were made with details of items (pages 133 to 150) form No. 1 issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed to the assessee. With these remarks income as returned is accepted. 10. On perusal of the above paragraph in the assessment order, coupled with the facts that in the earlier assessment year the same AO denied the exemption u/s 80IC to the assessee on the very same grounds and the facts that the Commissioner of Income Tax (Appeals) has reversed such addition, we are of the opinion that the AO has properly applied his mind and hence take a plausible view. Thus applying the proportions laid down by the Hon ble Supreme Court in the case of CIT vs. Max India Ltd. (2007) 295 ITR 285(SC) and the proportions laid down in the case of Malbar Industries Co. Ltd. Vs. CIT 243 ITR 83 (SC) we conclude that order passed u/s 263 is bad in law. 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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