Revision u/s 263 for denying Deduction u/s 80-IA is Invalid if both conditions not satisfied

CA Margav Shukla The exercise of jurisdiction by the Commissioner of Income Tax under the provisions of Section 263 has been a matter of controversy. Especially when it comes to denying the deduction which has been allowed by the Assessing Officer during the course of regular assessment, Commissioner exercises such jurisdiction and proposes to revise such order claiming it to be erroneous and prejudicial to the interest of the revenue. One such case which has been decided by the Delhi Income Tax Appellate Tribunal, in the matter of M/s. Pratibha SMS Jv v/s Pr. Commissioner of Income 21. In thi...