Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (1) TMI 860 - AT - Income TaxRevision u/s 263 - taxability of income from interest on fixed deposits under the head Income from Other Source and thereby not allowing the deduction claimed u/s. 80P - HELD THAT:- It is pertinent to note that at the time of passing/completing the AO u/s 143(3) of the Act, the issue related to 80P(2)(d) claimed by Credit Co-operative Societies was very well governed by case of Surat Vankar Sahkari Sangh Limited, [2016 (7) TMI 1217 - GUJARAT HIGH COURT] and this issue was rightly claimed by the assessee at that juncture. Current invocation of Section 263 of the Act does not fulfil the criteria of assessment being erroneous or prejudicial to the interest of Revenue with the second view which is not allowable under Section 263 of the Act and its revisional powers. Hence, as held in earlier Assessment Years, wherein the order u/s 263 has been quashed in assessee’s own case, the present Assessment Year will also be governed by the same contentions of the DR taken in submissions dated 08.12.2023, will not be applicable in toto as the assessee’s case is governed by its own order for subsequent Assessment Year. Appeal of assessee allowed.
|