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2024 (2) TMI 1168 - ITAT RAJKOTRevision u/s 263 - Deduction u/s 80P(2)(d) - PCIT held that the assessee has earned interest income on the FDRs maintained with Co-op. Bank which was not eligible for deduction u/s 80P(2)(d) - HELD THAT:- We note that there is no reference to interest received from Coop Bank. At the time of hearing, the AR before us duly demonstrated that the impugned amount of interest was received from the members only and not from the Co-operative Bank. The argument was also not controverted by the DR on behalf of the revenue. Even on perusal of the order of PCIT who after pointing out difference in the amount of interest as discussed above, has reached to the conclusion that such difference represents the interest from the cooperative bank but what we find is this that such conclusion of the PCIT was not based on any material. Therefore, we hold that the PCIT has concluded the assessment order as erroneous in so far prejudicial to the interest of revenue on wrong assumptions of facts and therefore, his PCIT order u/s 263 of the Act is not sustainable. Accordingly, we quash the order passed by the PCIT u/s 263 of the Act. Hence, the ground of appeal of the assessee is allowed.
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