Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
Dominant issue: Whether the assessing officer's allowance of deduction under s.80P(2)(a)(i)/80P(2)(d) for interest and dividend from co-operative banks was an erroneous exercise of jurisdiction warranting revision under s.263. Reasoning: The AO made specific enquiries, verified records, and adopted a plausible, debatable view; the issue is covered by an earlier consistent finding favourable to the assessee. Outcome: The revisionary jurisdiction under s.263 cannot be invoked as the AO's order, though potentially prejudicial to Revenue, is not erroneous; appeal allowed for assessee. - ITAT
Dominant issue: Whether the assessing officer's allowance of deduction under s.80P(2)(a)(i)/80P(2)(d) for interest and dividend from co-operative banks was an erroneous exercise of jurisdiction warranting revision under s.263. Reasoning: The AO made specific enquiries, verified records, and adopted a plausible, debatable view; the issue is covered by an earlier consistent finding favourable to the assessee. Outcome: The revisionary jurisdiction under s.263 cannot be invoked as the AO's order, though potentially prejudicial to Revenue, is not erroneous; appeal allowed for assessee. - ITAT
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