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2022 (12) TMI 847 - ITAT VISAKHAPATNAMRevision u/s 263 by CIT - disallowance of claim of deduction u/s 80P of the Act with respect to interest income accrued / received on the fixed deposits made with State Bank of India - HELD THAT:- As undisputed fact that the assessee society’s case for the Asst.Year 2017-18 was selected for limited scrutiny only with the reason to verify deduction under Chapter VIA of the I.T.Act and such verification was done by the then AO in the scrutiny assessment proceedings and assessment order dated 10.12.2019 u/s 143(3) was passed by accepting the claim of deduction u/s 80P and by accepting the income returned by the assessee society. As AR contended that the assessee society invested in fixed deposits with State Bank of India only as stopgap arrangement to earn some income on the then surplus funds and it was clearly incidental income, eligible for deduction u/s 80P and one more opportunity may be given to the assessee to furnish it’s explanation before the Ld.PCIT for which the Ld.DR has not raised any objection. Considering all we are of the view that it is a fit case to grant one more opportunity of being heard to the assessee - we direct the Ld.PCIT to pass order after giving opportunity of being heard to the assessee and the assessee is also directed to cooperate with the Ld.PCIT - Appeal of the assessee is allowed for statistical purpose.
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