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2022 (4) TMI 287 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P Admissibility - HELD THAT:- We are of the view that u/s 80P(2)(d) of the Act interest received from co-operative bank are allowable deduction, that is, the deduction is available in respect of interest received from co-operative bank for that reliance can be placed on the order in the case of Bardoli Vibhag GramVikas Co.Op. Credit Society Ltd. [2018 (12) TMI 1912 - ITAT SURAT] We note that on the identical issue, Ld. PCIT had exercised his jurisdiction u/s 263 of the Act and the Co-ordinate Bench in the case of Bardoli Vibhag GramVikas Co.Op. Credit Society Ltd. (supra) has quashed the order passed by Ld. PCIT u/s 263 of the Act. We see no reason to take any other view than the view so taken in above mentioned case, therefore respectively following the binding precedent we quash the order passed by Ld. PCIT u/s 263 of the Act. - Decided in favour of assessee.
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