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| The Tax Publishers2020 TaxPub(DT) 5334 (Mum-Trib) INCOME TAX ACT, 1961
Section 263
Where there was due application of mind to the issue by AO allowing deduction under section 80P on account of interest received by assessee from Saraswat Co-op. Bank Ltd. as well as from Maharashtra State Co-operative Bank, applying revisional jurisdiction by CIT could not be held to be valid under eye of law.
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Revision under section 263 - Erroneous and prejudicial order - Application of mind by AO -
Pr. CIT, upon perusal of case records, opined that the order of assessment passed by AO allowing deduction under section 80P on account of interest received by assessee from Saraswat Co-op. Bank Ltd. as well as from Maharashtra State Co-operative Bank was required to be revised under section 263. Held: Assessee in its submissions filed complete details of interest so earned along with note on deduction claimed under section 80P. After considering the same, AO chose to accept the same and therefore, allowed the same specifically while framing the assessment. These facts would show that AO was clinched with the issue and had taken a possible view in the matter. The view was in line with the various judicial decisions prevailing at the time of making the assessment and the same could not be said to be perverse or against the law, in any manner. There was due application of mind to the issue by AO. Thus, revisional jurisdiction could not be held to be valid under law.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2015-16
IN THE ITAT, MUMBAI BENCH
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