https://www.taxtmi.com/caselaws?id=425174 The ITAT ruled in favor of the Assessee in an appeal against the PCIT's order under section 263 of the Income Tax Act for the Assessment Year 2017-18. The Assessee's claim for deduction under section 80P on interest income from a cooperative bank was contested by the PCIT, leading to the appeal. The ITAT found no error in the AO's assessment under section 143(3) and quashed the PCIT's revisional order, emphasizing the need for an error to be unsustainable in law for invoking section 263. The appeal was allowed, concluding that the AO's assessment did not prejudice the revenue's interest. en-us Fri, 01 Jul 2022 00:00:00 +0530 Fri, 09 Sep 2022 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425174 The ITAT ruled in favor of the Assessee in an appeal against the PCIT's order under section 263 of the Income Tax Act for the Assessment Year 2017-18. The Assessee's claim for deduction under section 80P on interest income from a cooperative bank was contested by the PCIT, leading to the appeal. The ITAT found no error in the AO's assessment under section 143(3) and quashed the PCIT's revisional order, emphasizing the need for an error to be unsustainable in law for invoking section 263. The appeal was allowed, concluding that the AO's assessment did not prejudice the revenue's interest. Case-Laws Income Tax Fri, 01 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425174