https://www.taxtmi.com/caselaws?id=456885 ITAT Surat held that PCIT's revision u/s 263 directing AO to examine interest on fixed deposits as income from other sources was bad in law. The assessee claimed exemption u/s 10(20) for interest income from surplus member contributions. While ITAT agreed there was violation of accounting principles by not routing interest through P&L account, it found no revenue loss as the income would remain exempt u/s 10(20) regardless. Following Malabar Industries SC precedent, the tribunal ruled AO's order was neither erroneous nor prejudicial to revenue interest, quashing PCIT's revision order in favor of assessee. en-us Mon, 26 Jun 2023 00:00:00 +0530 Thu, 22 Aug 2024 19:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456885 ITAT Surat held that PCIT's revision u/s 263 directing AO to examine interest on fixed deposits as income from other sources was bad in law. The assessee claimed exemption u/s 10(20) for interest income from surplus member contributions. While ITAT agreed there was violation of accounting principles by not routing interest through P&L account, it found no revenue loss as the income would remain exempt u/s 10(20) regardless. Following Malabar Industries SC precedent, the tribunal ruled AO's order was neither erroneous nor prejudicial to revenue interest, quashing PCIT's revision order in favor of assessee. Case-Laws Income Tax Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456885