https://www.taxtmi.com/caselaws?id=416688 Revisionary jurisdiction under section 263 was held sustainable where the assessment had allowed deduction under section 80P without meaningful enquiry and was therefore treated as erroneous and prejudicial to the Revenue. The Tribunal also noted that the assessee's claim for deduction of interest income required fresh factual examination, including whether the deposits were made under statutory compulsion and whether the interest had the necessary business nexus under the co-operative society framework. The revision remained operative, but the specific interest-income deduction issue was remanded to the Assessing Officer for reconsideration in accordance with law. en-us Mon, 22 Nov 2021 00:00:00 +0530 Thu, 06 Jan 2022 07:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416688 Revisionary jurisdiction under section 263 was held sustainable where the assessment had allowed deduction under section 80P without meaningful enquiry and was therefore treated as erroneous and prejudicial to the Revenue. The Tribunal also noted that the assessee's claim for deduction of interest income required fresh factual examination, including whether the deposits were made under statutory compulsion and whether the interest had the necessary business nexus under the co-operative society framework. The revision remained operative, but the specific interest-income deduction issue was remanded to the Assessing Officer for reconsideration in accordance with law. Case-Laws Income Tax Mon, 22 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416688