2023 (1) TMI 565

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....DER PER B.M. BIYANI AM: Feeling aggrieved by revision-order dated 19.03.2022 passed by Ld. Principal Commissioner of Income Tax ["Ld. PCIT"] u/s 263 of the Income-Tax Act 1961 ["the Act"], which in turn arises out of assessment-order dated 26.11.2019 passed by Ld. ITO, Ward-2(3), Ujjain ["Ld. AO"] for assessment year ["AY"] 2017-18, the assessee has filed this appeal. 2. Heard the learned....

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....dicial to the interest of revenue. Holding so, the Ld. PCIT took revisionary action u/s 263 of the act whereby the assessment-order passed by Ld. AO was set aside with a direction to re-examine the issue of deduction and frame assessment de novo. Aggrieved by revision-order, the assessee has come in present appeal before us. 4. The Ld. AR appearing for the assessee straightaway submitted that t....

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.... eligible for deduction. Therefore, the A.O. is directed to allow deduction on the interest earned out of amount so reserved by the assessee i.e. 25% of profit transferred to reserves." 5. The Ld. DR representing the revenue, with all his fairness, has not raised any serious objection. 6. We do not find any reason to deviate from the view taken by Hon'ble Co-ordinate Bench in the absence of ....