https://www.taxtmi.com/caselaws?id=430907 The Tribunal held that the Assessing Officer (AO) had correctly allowed the deduction under Section 80P(2)(d) for interest income earned from Cooperative Banks. As the AO's order was not erroneous, the Principal Commissioner of Income Tax (PCIT) did not have the jurisdiction to invoke Section 263 of the Income Tax Act. Consequently, the Tribunal set aside the PCIT's order and allowed the appeal of the Assessee, with the decision pronounced on 21st November 2022. en-us Mon, 21 Nov 2022 00:00:00 +0530 Wed, 30 Nov 2022 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430907 The Tribunal held that the Assessing Officer (AO) had correctly allowed the deduction under Section 80P(2)(d) for interest income earned from Cooperative Banks. As the AO's order was not erroneous, the Principal Commissioner of Income Tax (PCIT) did not have the jurisdiction to invoke Section 263 of the Income Tax Act. Consequently, the Tribunal set aside the PCIT's order and allowed the appeal of the Assessee, with the decision pronounced on 21st November 2022. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430907