https://www.taxtmi.com/caselaws?id=442204 The ITAT allowed the appeal of the assessee regarding the eligibility for deduction under Section 80P(2) of the Income-tax Act, 1961 for interest income from fixed deposits with Co-operative Banks. The ITAT held that the Assessing Officer had properly considered the issue, and the PCIT erred in setting aside the assessment order. The ITAT emphasized that Section 263 proceedings cannot be used indiscriminately and must have substantial legal grounds. The judgment favored the assessee, citing legal analysis and precedents, and was pronounced on 23/08/2023. en-us Wed, 23 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 08:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442204 The ITAT allowed the appeal of the assessee regarding the eligibility for deduction under Section 80P(2) of the Income-tax Act, 1961 for interest income from fixed deposits with Co-operative Banks. The ITAT held that the Assessing Officer had properly considered the issue, and the PCIT erred in setting aside the assessment order. The ITAT emphasized that Section 263 proceedings cannot be used indiscriminately and must have substantial legal grounds. The judgment favored the assessee, citing legal analysis and precedents, and was pronounced on 23/08/2023. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442204