9911796707
TMI Blog2022 (11) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the very basis of exercising the revisionary power u/s 263 does not survive as the AO has taken precaution and verified all the factors on the very same issue during the assessment proceedings. PCIT cannot review the AO s order unless there is substantial loss on the part of the AO which is prejudicial to the interest of the Revenue. In the present case, the very basis of Section 263 of the Act has not been properly invoked by the PCIT as the Assessing Officer has taken utmost interest of the Revenue and the same cannot be stated as prejudicial to the interest of Revenue. Hence, appeal of the assessee is allowed. - ITA No.108/RJT/2022 - - - Dated:- 26-8-2022 - MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,45,590/- Assessment was completed by passing order under Section 143(3) of the Income Tax Act, 1961 on 24.12.2019 determining the total income at Rs.1,20,46,450/- after making disallowance of Rs.3,00,853/- out of common expenses claimed in the Profit Loss account. The PCIT observed that the assessee claimed deduction under Section 80IA of the Act to the tune of Rs.34,75,920/-. The assessee filed Form No.10CCB for claiming deduction under Section 80IA of the Act. The PCIT further observed that during the year under consideration the assessee company entered into an agreement with Gujarat Energy Development Agency for generation of power through Windmill located at Kalyanpur Village in Jamnagar District having commenced the operation of Wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l was allocated and reported in the books of Windmill Division only. Further, in this connection, Ld. AR stated that the net income from Windmill after allowance of all the expenses were allowable as deduction under Section 80IA(4)(iv) of the Act. The proportionate expenses to the turnover of both the units i.e. Manufacturing Unit and Windmill Unit was disputed by the Assessing Officer and the assessee filed appeal before the CIT(A) which was rejected by the CIT(A), National Faceless Appeal Centre (NFAC) vide order dated 16.11.2021. 5. The Ld. DR relied upon the order of PCIT passed under Section 263 of the Act. 6. We have heard both the parties and perused all the material available on record. It is pertinent to note that the very is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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