Income Tax exemption claim allowed without examination – Section 263 revision order valid

L&T Infra Debt Fund Limited Vs CIT (Exemption) (ITAT Mumbai)

In the instant case, we notice that the AO did not examine the exemption claimed u/s 10(47) of the Act, meaning thereby, the assessment order has been passed by the AO without application of mind. The exemption so allowed without examining the claim would be prejudicial to the interests of revenue. Accordingly, both the conditions prescribed in sec. 263 of the Act have been satisfied in the instant case and impugned revision order passed by Ld CIT(E) does not c

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