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| The Tax Publishers2022 TaxPub(DT) 4821 (Ahd-Trib) INCOME TAX ACT, 1961
Section 263
Interest income earned on deposit with Co-operative Bank was was eligible for deduction under section 80P(2) and, therefore, allowing the claim of assessee could not be treated as erroneous and prejudicial to the interest of revenue.
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Revision under section 263 - Erroneous and prejudicial order - Pr. CIT questioned allowing the claim of assessee for deduction under sction 80P(2) as regards interest income received by assessee on savings account and other deposits with co-operative bank -
Pr. CIT treated order passed by AO as erroneous and prejudicial to the interest of revenue on the ground of AO having allowed deduction under section 80P(2) to assessee-society as regards interest income received by assessee on savings account and other deposits with Co-operative bank. Held: Interest income earned on deposit with Co-operative Bank was was eligible for deduction under section 80P(2) and, therefore, allowing the claim of assessee could not be treated as erroneous and prejudicial to the interest of revenue.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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