https://www.taxtmi.com/caselaws?id=424939 The ITAT ruled in favor of the assessee in a case involving assessments under the Income Tax Act. It held that an assessment framed under section 143(3) was not erroneous merely because the Principal Commissioner disagreed with it. The ITAT also allowed deduction under section 80P(2)(a)(i)/80P(2)(d) for interest income from Cooperative Banks based on judicial precedents. Additionally, it applied a precedent judgment favoring the assessee and emphasized that invoking section 263 to revise the AO's order is unwarranted unless the AO's view is unsustainable in law. The ITAT allowed all appeals filed by different assessees, stressing the importance of considering various views and judicial precedents in tax assessments. en-us Fri, 08 Jul 2022 00:00:00 +0530 Mon, 11 Jul 2022 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424939 The ITAT ruled in favor of the assessee in a case involving assessments under the Income Tax Act. It held that an assessment framed under section 143(3) was not erroneous merely because the Principal Commissioner disagreed with it. The ITAT also allowed deduction under section 80P(2)(a)(i)/80P(2)(d) for interest income from Cooperative Banks based on judicial precedents. Additionally, it applied a precedent judgment favoring the assessee and emphasized that invoking section 263 to revise the AO's order is unwarranted unless the AO's view is unsustainable in law. The ITAT allowed all appeals filed by different assessees, stressing the importance of considering various views and judicial precedents in tax assessments. Case-Laws Income Tax Fri, 08 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424939