https://www.taxtmi.com/caselaws?id=755209 ITAT Raipur upheld CIT's revision order u/s 263 against a cooperative society regarding deduction u/s 80P(2)(d) on interest from deposits with cooperative banks. The tribunal found AO failed to verify whether interest income claimed as deduction actually pertained to deposits with cooperative banks, accepting the claim summarily without proper inquiry. Despite society's argument that CIT acted without examining records or applying independent mind, ITAT held CIT validly exercised jurisdiction as AO's order was erroneous and prejudicial to revenue due to inadequate verification of material aspects. en-us Thu, 09 May 2024 00:00:00 +0530 Mon, 08 Jul 2024 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755209 ITAT Raipur upheld CIT's revision order u/s 263 against a cooperative society regarding deduction u/s 80P(2)(d) on interest from deposits with cooperative banks. The tribunal found AO failed to verify whether interest income claimed as deduction actually pertained to deposits with cooperative banks, accepting the claim summarily without proper inquiry. Despite society's argument that CIT acted without examining records or applying independent mind, ITAT held CIT validly exercised jurisdiction as AO's order was erroneous and prejudicial to revenue due to inadequate verification of material aspects. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755209