2022 (3) TMI 71

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....R ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER This appeal is filed by the assessee against the order dated 16.03.2020 passed by the PCIT, Gandhinagar, Ahmedabad for the Assessment Year 2015-16. 2. The grounds of appeal raised by the assessee are as under: "(1) On the facts and in the circumstances of the case, the order passed by the learned CIT, Gandhinagar, Ahmedabad u/s. 263 of the I.T. Ac....

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....he Assessing Officer for revision of the order passed by the Assessing Officer under Section 143(3) of the Act on 08.05.2018 as the Assessing Officer has allowed the interest income from Co-operative Banks which was otherwise not allowable in the light of principles enunciated by Hon'ble Karnataka High Court in Totgars Co-operative Sales Society, 83 Taxmann.com 140. It was found that the asses....

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....fore the Assessing Officer in assessment proceedings under Section 143(3) of the Act. Therefore, there should not be any revision of the order as envisaged in Section 263 of the Act. 6. The Ld. DR relied upon the order of the PCIT. 7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the entire details called for during the ass....