Revenue cannot ignore approval granted by prescribed authority to deny deduction

Issue- Whether the Income Tax Appellate Tribunal has substantially erred on facts and in law in holding that once the prescribed authority grants approval under sub­rule (2) of rule 18D of the Income Tax Rules, 1962, the revenue cannot deny deduction under section 80IB read with rules 18D and 18DA and thereby considering such grant of approval to be the sole requirement for granting deduction under section 80IB(8A)(ii) of the Act?

Held by High CourtPlease become a Premium member. If you are already a Premium member, login here to access the full content.