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2023 (4) TMI 39 - AT - Income TaxRevision u/s 263 - revenue allowed 80P deduction claim representing interest derived from deposits made in cooperative banks - HELD THAT:- We find merit in assessee’s arguments in light of this tribunal’s recent order in Rena Sahakari Sakhar Karkhana Ltd. [2022 (1) TMI 419 - ITAT PUNE] as held A.O while framing the assessment had taken a possible view, and allowed the assessee‟s claim for deduction under Sec. 80P(2)(d) on the interest income earned on its investments/deposits with co-operative banks, therefore, the Pr. CIT was in error in exercising his revisional jurisdiction u/s 263 of the Act for dislodging the same. We adopt the foregoing detailed discussion mutatis mutandis to accept the assessee’s arguments. The learned PCIT’s revision directions stand reversed. Decided in favour of assessee.
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