https://www.taxtmi.com/caselaws?id=254423 A notification issued under the repealed Indian Income-tax Act, 1922 could not continue to govern exemption claims after the Income-tax Act, 1961 came into force, because section 297 preserved only what was specifically saved and the new Act created its own exemption framework for co-operative societies under section 80P. An assessment granting complete exemption on the basis of the old notification was therefore erroneous and prejudicial to revenue, so revision under section 263 was justified. The Tribunal's view sustaining the old notification and setting aside the revision was unsustainable; the matter had to be examined afresh under section 80P. en-us Tue, 02 Dec 2014 00:00:00 +0530 Mon, 22 Dec 2014 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254423 A notification issued under the repealed Indian Income-tax Act, 1922 could not continue to govern exemption claims after the Income-tax Act, 1961 came into force, because section 297 preserved only what was specifically saved and the new Act created its own exemption framework for co-operative societies under section 80P. An assessment granting complete exemption on the basis of the old notification was therefore erroneous and prejudicial to revenue, so revision under section 263 was justified. The Tribunal's view sustaining the old notification and setting aside the revision was unsustainable; the matter had to be examined afresh under section 80P. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254423