https://www.taxtmi.com/caselaws?id=422795 The Tribunal allowed the appeal, setting aside the order passed by the PCIT under Section 263 and reinstating the assessment order. It held that the PCIT's actions violated natural justice principles and lacked jurisdiction, as the AO's decision on the deduction under Section 80P(2)(d) was valid. The interest income from cooperative banks qualified for deduction, contrary to the PCIT's contention. The Tribunal also noted the unnecessary complication caused by the PCIT's actions after the approval of the Direct Tax Vivad Se Vishwas Scheme. en-us Tue, 29 Mar 2022 00:00:00 +0530 Fri, 20 May 2022 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422795 The Tribunal allowed the appeal, setting aside the order passed by the PCIT under Section 263 and reinstating the assessment order. It held that the PCIT's actions violated natural justice principles and lacked jurisdiction, as the AO's decision on the deduction under Section 80P(2)(d) was valid. The interest income from cooperative banks qualified for deduction, contrary to the PCIT's contention. The Tribunal also noted the unnecessary complication caused by the PCIT's actions after the approval of the Direct Tax Vivad Se Vishwas Scheme. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422795