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2022 (7) TMI 689 - AT - Income TaxRevision u/s 263 by CIT - Wrongful allowance of deduction u/s 80P - As per CIT assessment order erroneous one causing prejudice to the interest of the Revenue so far as the latter had accepted section 80P(2) deduction claim representing interest income derived from deposits kept with M/s. Yes Bank, Bank of Baroda and UCO Bank - HELD THAT:- . We find the instant issue to be any more res integra as learned co-ordinate bench's order in [2021 (12) TMI 1259 - ITAT PUNE] to hold that the interest income earned on the investment of surplus money with banks is also eligible for exemption u/s.80P(2)(a)(i). PCIT has erred in law and on facts in exercising his section 263 revision jurisdiction in the given facts and circumstances of this case. His order under challenge is reversed accordingly as not sustainable in law. - Decided in favour of assessee.
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