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2023 (1) TMI 764 - AT - Income TaxRevision u/s 263 by CIT - assessee is not eligible for claiming 80P deduction regarding its interest income derived from cooperative banks etc - Revenue for having accepted the assessee’s claim involving interest amount derived from parking of funds in various cooperative banks involving varying sums, as eligible for the section 80P deduction - HELD THAT:- As decided in RENA SAHAKARI SAKHAR KARKHANA LTD. [2022 (1) TMI 419 - ITAT PUNE]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. Accordingly, finding no justification on the part of the Pr. CIT, who in exercise of his powers under Sec. 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). We adopt the foregoing detailed reasoning mutatis mutandis to reverse the ld. Pr.CIT’s impugned revision directions. The Assessing Officer’s corresponding regular assessment stands restored - Assessee appeal allowed.
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