https://www.taxtmi.com/caselaws?id=447344 The ITAT Ahmedabad set aside the CIT's revision order u/s 263 regarding excess deduction claimed u/s 80P by a cooperative society. The PCIT alleged the assessee claimed Rs. 41 crore deduction instead of eligible Rs. 36 crore and failed to properly apportion expenses between exempt and taxable income. The ITAT found the PCIT's findings were based on incorrect and unverifiable facts not supported by records. The PCIT also shifted grounds during proceedings without proper show cause notice regarding interest income from bank deposits. The tribunal held the revisionary order failed to meet twin conditions of being erroneous and prejudicial to revenue, making it unsustainable in law. en-us Thu, 30 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447344 The ITAT Ahmedabad set aside the CIT's revision order u/s 263 regarding excess deduction claimed u/s 80P by a cooperative society. The PCIT alleged the assessee claimed Rs. 41 crore deduction instead of eligible Rs. 36 crore and failed to properly apportion expenses between exempt and taxable income. The ITAT found the PCIT's findings were based on incorrect and unverifiable facts not supported by records. The PCIT also shifted grounds during proceedings without proper show cause notice regarding interest income from bank deposits. The tribunal held the revisionary order failed to meet twin conditions of being erroneous and prejudicial to revenue, making it unsustainable in law. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447344