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2022 (8) TMI 29 - AT - Income TaxRevision u/s 263 - Deduction under section 80P disallowed - HELD THAT:- As in this case, it is observed from the assessment order that the AO had called for details regarding deduction u/s 80P of the Act. After verification of the said details, the AO came to the conclusion that the interest earned by the assessee from Axis bank was not eligible for deduction u/s 80P and accordingly he disallowed it. This exercise of the AO of disallowing the interest earned from Axis Bank explains that he had called for the details and applied his mind to decide eligibility of the income for deduction u/s 80P. The Ld.Pr.CIT in the revision order has not pointed out any specific income which the AO has failed to verify. Therefore, on the facts of the case, we are of the opinion that the assessment order is not erroneous. The assessee is a Cooperative Credit Society and it claimed deduction u/s 80P which has been allowed by the AO after verification. Hence the order u/s.263 is not sustainable. Hence, grounds of appeal raised by assessee are allowed.
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