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2024 (2) TMI 331 - ITAT INDORERevision u/s 263 - deduction u/s 80P(2)(d) in respect of interest income earned from deposit in Co-operative Bank - CIT was of the view that interest income is required to be disallowed by the AO and added back to the total income of the assessee which was not done by the AO at the time of assessment - HELD THAT:- We note that in the recent decision this tribunal in case of Pr. CIT vs. Bhopal Dugdh Sangh Sahakari Maryadit [2024 (2) TMI 243 - ITAT INDORE] held that assessee society who has earned an amount from its investment of surplus fund with cooperative banks is entitled for deduction under section 80P(2)(d) of the Act. Resultantly, the Ld. CIT(A) has erred in upholding the denial of deduction by the AO to the assessee under section 80P(2)(d) - Assessee is eligible for deduction u/s 80P(2)(d) in respect of FDR interest received from Cooperative Bank. Thus we find that the Pr. CIT has no jurisdiction to invoke the provisions of section 263 when the AO has taken a possible view on this issue. Hence, the impugned order of the Pr. CIT passed u/s 263 is set aside. Appeal of the assesse is allowed.
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