https://www.taxtmi.com/caselaws?id=431752 The ITAT held that the AO's decision to allow a deduction under Section 80P(2)(d) to a cooperative bank was valid, as proper verification was conducted. The PCIT's initiation of revision proceedings under Section 263 was deemed unjustified, as the AO's decision was supported by judicial precedents and thorough inquiry. The ITAT vacated the revision order, emphasizing that mere disagreement with the AO's conclusion does not warrant revision if based on proper inquiry and legal support. The assessee's appeal was allowed, highlighting the importance of substantiating claims of erroneous assessment. en-us Tue, 15 Nov 2022 00:00:00 +0530 Sat, 24 Dec 2022 13:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431752 The ITAT held that the AO's decision to allow a deduction under Section 80P(2)(d) to a cooperative bank was valid, as proper verification was conducted. The PCIT's initiation of revision proceedings under Section 263 was deemed unjustified, as the AO's decision was supported by judicial precedents and thorough inquiry. The ITAT vacated the revision order, emphasizing that mere disagreement with the AO's conclusion does not warrant revision if based on proper inquiry and legal support. The assessee's appeal was allowed, highlighting the importance of substantiating claims of erroneous assessment. Case-Laws Income Tax Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431752