2022 (1) TMI 642

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....s suffer from 315, 322 and 318 days delay stated to be attributable to communication gap between its office, office staff, auditor and arguing counsel as well as in the light of the clinching fact that the Pr. CIT's impugned revision orders have been passed just before the announcement of the COVID-19 pandemic first lockdown in March, 2020. There is further no dispute that hon'ble apex court's directions in Misc. Application No. 665 of 2021 in SMW(C) No. 3 of 2020 dated 23.9.2021 has already excluded all the prescribed limitations between 15.3.2020 to 2.10.2021. We thus condone the three impugned delay(s) therefore. 3. We next advert the sole substantive issue between the parties, qua correctness of the Pr. CIT's identical ....

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....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 interest income(s); derived from deposits made in SBI/Nationalised Bank(s) as eligible for the said relief. Learned PCITs rely on hon'ble apex court's landmark decision in The Totagar Co-operative Sale Society Limited Vs. ITO 322 ITR 283 (SC) that the impugned deduction is exigible only in case of income derived from co-operative banking activity or interest income from a certified institution than deposits made in nationalized banks. Learned PCIT therefore hold both the foregoing assessments as an instan....