https://www.taxtmi.com/caselaws?id=448461 The Tribunal allowed the appeal, determining that the invocation of Section 263 by the Principal Commissioner was unjustified. It found no error or prejudice to the revenue's interest in the original assessment concerning the taxability of interest income from fixed deposits. The Tribunal emphasized that the issue of deduction under Section 80P(2)(d) for Credit Co-operative Societies had been settled by the Gujarat HC in favor of the assessee in previous years. Consequently, the appeal was allowed, and the assessment for the current year should align with prior decisions. The order was pronounced on January 17, 2024. en-us Wed, 17 Jan 2024 00:00:00 +0530 Fri, 19 Jan 2024 08:50:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448461 The Tribunal allowed the appeal, determining that the invocation of Section 263 by the Principal Commissioner was unjustified. It found no error or prejudice to the revenue's interest in the original assessment concerning the taxability of interest income from fixed deposits. The Tribunal emphasized that the issue of deduction under Section 80P(2)(d) for Credit Co-operative Societies had been settled by the Gujarat HC in favor of the assessee in previous years. Consequently, the appeal was allowed, and the assessment for the current year should align with prior decisions. The order was pronounced on January 17, 2024. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448461