https://www.taxtmi.com/caselaws?id=382961 The Tribunal upheld the CIT's order initiating revision proceedings under Section 263, emphasizing the necessity for thorough investigations to protect the Revenue's interests. The Tribunal remitted the issue of deduction eligibility under Section 80P(2)(a)(i) for fresh consideration, partially allowing the Revenue's appeal. It held that interest income from deposits should be classified as business income and directed the AO to reexamine eligibility for deduction under Section 80P. The Tribunal agreed with treating unexplained cash credits under Section 68 and upheld the penalty under Section 271B for non-filing of the audit report, stressing the importance of compliance with legal provisions. en-us Wed, 26 Jun 2019 00:00:00 +0530 Fri, 12 Jul 2019 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382961 The Tribunal upheld the CIT's order initiating revision proceedings under Section 263, emphasizing the necessity for thorough investigations to protect the Revenue's interests. The Tribunal remitted the issue of deduction eligibility under Section 80P(2)(a)(i) for fresh consideration, partially allowing the Revenue's appeal. It held that interest income from deposits should be classified as business income and directed the AO to reexamine eligibility for deduction under Section 80P. The Tribunal agreed with treating unexplained cash credits under Section 68 and upheld the penalty under Section 271B for non-filing of the audit report, stressing the importance of compliance with legal provisions. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382961