2023 (9) TMI 511

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....law are raised in this appeal: (i) "Whether on the facts and in the circumstances of the case and in law, the Ld. Tribunal is justified in quashing the assessment order passed u/s. 143(3) r.w.s. 263 of the Act by merely considering that once the revision order is quashed/set aside, consequent assessment order passed is ab initio void?" (ii) "Whether on the facts and in the circumstances of the case and in law, the Ld. Tribunal is justified in quashing the assessment order by placing reliance on the decision of the Tribunal in ITA No. 718/SRT/2018 (supra) and without deciding the issue on merits?" 2. The assessee filed its return of income showing total income NIL after claiming of Rs. 31,57,772/- u/s. 80P of the I.T. Ac....

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....refully. It is noticed during the appellant proceedings that Hon'ble ITAT, Surat in appellant's own case for AY 2014-15 itself vide order dated 23.08.2021 in ITA No. 718/SRT/2018 has quashed the order u/s 263 passed by PCIT-1 Surat vide which the AO was directed to frame assessment afresh denying deduction u/s 80P(2)(d) of the I.T. Act, 1961. Hon'ble ITAT after detailed discussion has held that the interest earned by Cooperative Housing Society on investment with a co-operative Housing Society on investment with a co-operative bank is eligible for deduction 80P(2)(d) of the I.T. Act, 1961. 5.1 As the order u/s 263 has been quashed and on merits also the issue of eligibility u/s 80P(2)(d) has been decided in the favour of the appell....

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....with the directions issued by the PCIT, Surat, in exercise of powers under Section 263 of the Act. That order of the Principal CIT, Surat, has already been set aside by the ITAT itself on 23.08.2021. That being so, the order under Revision being quashed has become final and the consequential order of assessment dated 28.06.2019 would not stand. 7. Pendency of an appeal against the revisional proceedings would not be a ground for this appeal to be kept pending. Though the assessee had brought it to the notice of the Assessing Officer to keep the proceedings in abeyance, the Assessing Officer proceeded to finalize the assessment. The Revenue, did not, before the ITAT also make a request to keep the appeal pending or in abeyance on the grou....