https://www.taxtmi.com/caselaws?id=425790 The Tribunal allowed the appeal of the Assessee, determining that the original assessment order was not erroneous and the Pr. Commissioner of Income Tax's order under section 263 was unsustainable. The interest income from cooperative banks was considered eligible for deduction under section 80P(2)(a)(i) as it was linked to the business of providing credit facilities to members. The Tribunal emphasized that the Assessing Officer had conducted necessary inquiries and applied due diligence, leading to the conclusion that the Pr. Commissioner of Income Tax could not revise the order solely based on the lack of detailed reasoning. en-us Thu, 28 Jul 2022 00:00:00 +0530 Mon, 01 Aug 2022 09:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425790 The Tribunal allowed the appeal of the Assessee, determining that the original assessment order was not erroneous and the Pr. Commissioner of Income Tax's order under section 263 was unsustainable. The interest income from cooperative banks was considered eligible for deduction under section 80P(2)(a)(i) as it was linked to the business of providing credit facilities to members. The Tribunal emphasized that the Assessing Officer had conducted necessary inquiries and applied due diligence, leading to the conclusion that the Pr. Commissioner of Income Tax could not revise the order solely based on the lack of detailed reasoning. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425790