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2022 (9) TMI 650 - Income Tax
Revision u/s 263 by CIT - Admissibility of deduction u/s 80P - As per CIT AO has erroneously allowed the deduction u/s 80P(2)(d) which does not apply to the assessee on the ground that the interest received from investment was made with co-operative banks as the same is not eligible for deduction - HELD THAT:- Interest income derived by a co-operative society by way of investment made with a co-operative bank would be entitled to claim of deduction under section 80P(2)(d) of the Act. For this proposition, we would like to place our reliance on the decision of M/s Petit Towers Co-op. Housing Society Ltd [2021 (9) TMI 232 - ITAT MUMBAI]
Thus we hold that the Ld.PCIT has erred in concluding that the assessment order passed by the Assessing Officer under section 143(3) was erroneous insofar as it is prejudicial to the interest of the revenue as per the provisions of section 263 we set aside the order of the Ld.PCIT and restore the order passed by the Assessing Officer - Decided in favour of assessee.