https://www.taxtmi.com/caselaws?id=754749 ITAT Rajkot held that CIT's revision under Section 263 regarding disallowance of Section 80P deduction on interest income from cooperative banks was unjustified. The tribunal ruled that AO's inquiry, though deemed inadequate by CIT, cannot render the assessment order erroneous. AO has discretion over extent of inquiry, and CIT cannot impose his understanding through revisionary powers. Since AO examined the issue during assessment proceedings and took a legally plausible view, CIT cannot substitute his own view under Section 263. Appeal decided in favor of assessee. en-us Mon, 29 Jan 2024 00:00:00 +0530 Sat, 29 Jun 2024 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754749 ITAT Rajkot held that CIT's revision under Section 263 regarding disallowance of Section 80P deduction on interest income from cooperative banks was unjustified. The tribunal ruled that AO's inquiry, though deemed inadequate by CIT, cannot render the assessment order erroneous. AO has discretion over extent of inquiry, and CIT cannot impose his understanding through revisionary powers. Since AO examined the issue during assessment proceedings and took a legally plausible view, CIT cannot substitute his own view under Section 263. Appeal decided in favor of assessee. Case-Laws Income Tax Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754749