https://www.taxtmi.com/caselaws?id=770626 The Gujarat HC allowed the assessee's appeal against PCIT's revision order under section 263. The PCIT had disallowed deduction under section 80P(2)(d) for interest earned from cooperative banks, treating the AO's original order as erroneous and prejudicial to revenue. The HC held that PCIT erred since the AO had conducted proper enquiries during original assessment proceedings. Following ITAT precedent, the HC ruled that the revision order was unjustified and restored the deduction benefit to the assessee. en-us Mon, 21 Apr 2025 00:00:00 +0530 Fri, 10 Apr 2026 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770626 The Gujarat HC allowed the assessee's appeal against PCIT's revision order under section 263. The PCIT had disallowed deduction under section 80P(2)(d) for interest earned from cooperative banks, treating the AO's original order as erroneous and prejudicial to revenue. The HC held that PCIT erred since the AO had conducted proper enquiries during original assessment proceedings. Following ITAT precedent, the HC ruled that the revision order was unjustified and restored the deduction benefit to the assessee. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770626