https://www.taxtmi.com/caselaws?id=462476 ITAT Rajkot allowed the assessee's appeal against PCIT's revision order u/s 263 regarding deduction u/s 80P(2)(d) for interest income from cooperative bank fixed deposits. The tribunal held that the AO had conducted adequate inquiry u/s 142(1), examined submitted documents, and taken a plausible view sustainable in law. The Gujarat HC judgment in Katlery Karayana case cited by PCIT was inapplicable to the assessee's circumstances. Following SC precedent in Malabar Industries, the tribunal found the AO's order was neither erroneous nor prejudicial to revenue interests, making PCIT's assumption of revisional jurisdiction null and void. en-us Wed, 31 Jul 2024 00:00:00 +0530 Wed, 25 Jun 2025 11:05:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462476 ITAT Rajkot allowed the assessee's appeal against PCIT's revision order u/s 263 regarding deduction u/s 80P(2)(d) for interest income from cooperative bank fixed deposits. The tribunal held that the AO had conducted adequate inquiry u/s 142(1), examined submitted documents, and taken a plausible view sustainable in law. The Gujarat HC judgment in Katlery Karayana case cited by PCIT was inapplicable to the assessee's circumstances. Following SC precedent in Malabar Industries, the tribunal found the AO's order was neither erroneous nor prejudicial to revenue interests, making PCIT's assumption of revisional jurisdiction null and void. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462476