https://www.taxtmi.com/caselaws?id=254082 The Tribunal upheld the Commissioner's jurisdiction under Section 263 to revise the erroneous assessment order, determining that the assessee, a cooperative bank, was not entitled to claim exemption on dividend income under Section 80P(2)(d) due to Section 80P(4) provisions. The Assessing Officer's order allowing the exemption was deemed invalid due to inadequate scrutiny and application of law, leading to an increase in income by Rs. 62,18,000 and penalty proceedings initiation. The appeal by the assessee was dismissed, with the decision announced on 28.11.2014. en-us Fri, 28 Nov 2014 00:00:00 +0530 Fri, 12 Dec 2014 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254082 The Tribunal upheld the Commissioner's jurisdiction under Section 263 to revise the erroneous assessment order, determining that the assessee, a cooperative bank, was not entitled to claim exemption on dividend income under Section 80P(2)(d) due to Section 80P(4) provisions. The Assessing Officer's order allowing the exemption was deemed invalid due to inadequate scrutiny and application of law, leading to an increase in income by Rs. 62,18,000 and penalty proceedings initiation. The appeal by the assessee was dismissed, with the decision announced on 28.11.2014. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254082