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2023 (5) TMI 1137 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P - interest income derived from deposits made in cooperative societies - HELD THAT:- CIT-DR could not dispute that in latest decision Postal Employees Co. Op Credit Society Ltd.[2023 (2) TMI 813 - BOMBAY HIGH COURT] has already rejected the Revenue’s identical stand in initiating sec.148 proceedings for the purpose of assessing similar interest income derived from co-operative banks and other institutions. We adopt the foregoing detailed discussion mutatis mutandis to accept the assessee’s arguments. Learned PCIT’s revision directions in issue stand reversed. The Assessing Officer’s corresponding regular assessment is restored as the necessary corollary - Assessee appeal allowed.
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