Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 741 - AT - Income TaxRevision u/s 263 - assessee had claimed deduction under section 80P on interest earned from nationalized bank / Gujarat State Finance Corporation and not from deposits kept with co-operative society/cooperative bank - HELD THAT:- As on analysis of the original assessment order and perusal of the order passed by the Ld. Pr. CIT, we note that during the course of assessment proceedings, the AO did not make any enquiry/did not apply his mind on the applicability of section 80P of the Act on interest earned on deposits kept with GSFC/nationalized banks. In fact, the learned counsel for the assessee has not been able to point out any specific instances where the AO in the original assessment order had carried out detailed enquiries/applied his mind with respect to the various issues pointed out by the Ld. Pr. CIT while passing the 263 order. From the facts on record, we find that there is an evident lack of enquiry by the assessing officer while passing the original assessment order. It was on this basis that Ld. Pr. CIT passed the 263 order after giving due opportunity to the assessee and after taking into consideration the replies filed by the assessee and held that the original assessment order is erroneous and prejudicial to the interests of the Revenue. Accordingly, in view of the above observations, we are of the considered view that there is no infirmity in the order passed by the Ld. Pr. CIT under section 263 of the Act. - Decided against assessee.
|