2024 (1) TMI 860

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.... For the Revenue : Shri Ritesh Parmar, CIT(DR) ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER : This appeal is filed by the Assessee against the order dated 23.02.2022 passed by the Principal Commissioner of Income Tax, Rajkot-1 for the Assessment Year 2017-18. 2. The Assessee has raised the following grounds of appeal:- "1. That on the facts and circumstances of the case and i....

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....ue even after recording prima facie finding on the merits of the issue in favour of the appellant. 4) That on the facts and circumstances of the case and in law, the PCIT failed to point out any error in the order of the Assessing Officer in assessing income from interest on fixed deposits, which is sine que non for initiation of proceedings u/s. 263 of the Act. 5) Without prejud....

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....d during the year under consideration. The Mandali/ Society had surplus funds which were not required for carrying on the business activities of the Mandali. After issuing the show cause notice under Section 263 of the Act on 17.01.2022, the PCIT passed preliminary order under Section 263 of the Act thereby directing the Assessing Officer to make fresh assessment. 4. Being aggrieved by the orde....

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.... 143(3) of the Act, the issue related to 80P(2)(d) claimed by Credit Co-operative Societies was very well governed by the Hon'ble Gujarat High Court in the case of Surat Vankar Sahkari Sangh Limited, 72 taxmann.com 169 (Gujarat) and this issue was rightly claimed by the assessee at that juncture. Current invocation of Section 263 of the Act does not fulfil the criteria of assessment being erroneou....