{"id":24696,"date":"2022-02-07T14:23:45","date_gmt":"2022-02-07T08:53:45","guid":{"rendered":"https:\/\/itatonline.org\/digest\/nuclear-power-corporation-of-india-ltd-v-cit-2021-the-chambers-journal-november-p-100-mum-trib\/"},"modified":"2022-02-07T14:23:45","modified_gmt":"2022-02-07T08:53:45","slug":"nuclear-power-corporation-of-india-ltd-v-cit-2021-the-chambers-journal-november-p-100-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/nuclear-power-corporation-of-india-ltd-v-cit-2021-the-chambers-journal-november-p-100-mum-trib\/","title":{"rendered":"Nuclear Power Corporation of India Ltd. v. CIT (2021) The Chamber\u2019s Journal-November-P. 100 (Mum.)(Trib.)"},"content":{"rendered":"<p>The Assessing Officer allowed deduction u\/s. 32AC of the Act, in the original assessment proceedings in respect of asset acquired earlier but installed during the year.\u00a0 The PCIT revised the order. On appeal the Tribunal held that the AO has taken one possible views and if the PCIT is not in agreement with him the revision is not justified.\u00a0 The Tribunal also held that\u00a0 the same is to be treated as clarificatory and it should be applied with retrospective effect. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue-Investment  in new pant or machinery-Possible view-When an amendment is made to clarify or remove the hardship, the same is to be treated as clarificatory and it should be applied with retrospective effect-Revision is held to be not valid. [S. 32AC, 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-24696","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6qk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=24696"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24696\/revisions"}],"predecessor-version":[{"id":24697,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24696\/revisions\/24697"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}