TMI Blog2024 (1) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. - Ms. Suchitra Kamble, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Assessee : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n fixed deposits, which is sine que non for initiation of proceedings u/s. 263 of the Act. 5) Without prejudice, that the PCIT erred on facts and in law in setting aside the assessment order to be redone afresh and not merely setting aside the aforesaid issue of taxability of income from interest on fixed deposits. 3. The Return of income for Assessment Year 2017-18 was filed by the assessee on 22.05.2017 declaring total income of Rs. Nil after claiming deduction of Rs. 27,97,39/-. The assessment was completed under Section 143(3) of the Income Tax Act, 1961 on 27.11.2019 determining total income at Rs. Nil. The PCIT observed that the Mandali/Co-operative Society shown total interest income at Rs. 1,01,01,971/- including interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t High Court in the case of Surat Vankar Sahkari Sangh Limited, 72 taxmann.com 169 (Gujarat) 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 under Section 263 of the Act has been quashed in assessee s own case, the present Assessment Year will also be governed by the same contentions of the Ld. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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