2015 (1) TMI 821 - HC - Income Tax

Revision u/s 263 - assessee is not a Co-operative Bank and Section 80P(4) has no application - Tribunal set aside order u/s 263 denying benefit of exemption granted - Held that:- In the instant case, when the status of the assessee is a Co-operative society and is not a Co- operative bank, the order passed by the Assessing Authority extending the benefit of exemption from payment of tax under Section 80P(2)(a)(i) of the Act is correct. There is no error. When there is no error, the question of order being prejudicial would not arise. The Tribunal has rightly entertained the appeal and set- aside the order u/s 263. Therefore, the said order is in accordance with law and cannot be found fault with. The substantial question of law is answered in favour of the assessee - Decided against the revenue.