Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The HC held that the provisions of Section 80P(2)(d) would apply to the interest earned by the assessee cooperative society from the Surat District Cooperative Bank Ltd. The PCIT was not justified in invoking revisionary powers u/s 263, as the Tribunal rightly allowed deduction u/s 80P(2)(d) following binding precedents. The twin conditions for invoking Section 263 of erroneous assessment prejudicial to revenue were not fulfilled. The HC decided in favor of the assessee.
The HC held that the provisions of Section 80P(2)(d) would apply to the interest earned by the assessee cooperative society from the Surat District Cooperative Bank Ltd. The PCIT was not justified in invoking revisionary powers u/s 263, as the Tribunal rightly allowed deduction u/s 80P(2)(d) following binding precedents. The twin conditions for invoking Section 263 of erroneous assessment prejudicial to revenue were not fulfilled. The HC decided in favor of the assessee.
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TaxTMI 
TaxTMI 
of 4916 
