2018 (8) TMI 1734 - ITAT KOLKATA - Income Tax

Head Note / Extract:
Revision u/s 263 - assessee not eligible to claim deduction u/s 80P on the income derived from trading and consequently the assessment order is erroneous and pre-judicial to the interests of Revenue - Held that:- We are of the considered opinion that the AO has passed this order without inquiry into the issue of the claim of deduction by the assessee u/s 80P of the Act. When there is no application of mind to an issue in the assessment order, such order is erroneous and in this case, it is also pre-judicial to the interest of the Revenue also. In these circumstances, we find no infirmity in the order of Pr.CIT who has set aside this issue for fresh adjudication denovo, only to the extent of examining the claim of deduction u/s 80P of the Act - We uphold the order of the Ld. Pr.CIT and dismiss the appeal of the assessee.