2021 (9) TMI 1327

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.... Shri M.V. Anil Kumar & Shri Mohd. Afzal for B.A. Sai Prasad. Respondent By : Shri YVST Sai. (D.R.) ORDER Per Shri S.S. Godara, J.M. : These twin assessees' appeals ITA Nos.284 & 286/Hyd/2021 for Asst. Years 2016-17 & 2015-16 arise against the PCIT-4, Hyderabad and PCIT, Tirupati's orders; dt.30.03.2021 and 13.3.2020 in case Nos.ITBA/REV/F/REV5/2020-21/1031959192(1) and ITBA/COM/M/IT/2....

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....and proceed to deal the appeals. 3. We now come to the correctness of learned PCITs revision directions under challenge holding the corresponding regular assessment framed on 27.12.2018 and 27.10.2017 as erroneous ones causing prejudice to the interest of the Revenue on the ground that both the said Assessing Officers' had accepted the assessees' section 80P(2)(d) deduction claim(s) regarding i....

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....imarily for the reason that hon'ble jurisdictional high court decision in Vavveru Co-operative Rural Bank Ltd. Vs. CCIT 396 ITR 371 (A.P) holds that a co-operative society's income derived from deposits in nationalized banks/SBI is also eligible for 80P deduction. Their lordships have duly taken into consideration the hon'ble apex court's foregoing decision (supra). We therefore hold that both....