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2023 (5) TMI 1218 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P - interest income derived from parking of surplus funds in fixed deposits - HELD THAT:-This tribunal’s recent order in Solapur Zilha Prathamik Shikshah Sahakari Sanstha Niyamit [2023 (1) TMI 1254 - ITAT PUNE] observed that the interest income earned by a co-operative society on its investments held with a cooperative bank would be eligible for claim of deduction u/s.80P(2)(d) of the Act. AO 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 - No justification on the part of the Pr. CIT, who in exercise of his powers u/s 263 of the Act, had dislodged the view that was taken by the A.O as regards the eligibility of the assessee towards claim of deduction under Sec. 80P(2)(d), we set-aside his order and restore the order passed by the A.O under Sec. 143(3) - Assessee appeal allowed.
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