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TMI Blog2023 (1) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by Ld. AO is neither erroneous non prejudicial to the interest of revenue and therefore the PCIT was not justified in invoking the revisionary-action u/s 263. Being so, we quash the revision-order passed by Ld. PCIT and restore the original assessment-order passed by Ld. AO. Appeal of assessee allowed. - ITA No.119/Ind/2022 - - - Dated:- 20-12-2022 - Shri Chandra Mohan Garg, Judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n u/s 80P of Rs. 41,73,300/-. The Ld. AO subjected assessee s case to scrutiny assessment and being satisfied, allowed deduction as claimed by assessee. Subsequently, the Ld. PCIT examined the assessment-order and found that the assessee had earned interest of Rs. 13,70,890/- from fixed deposits with banks which is not eligible for deduction u/s 80P. Thus, the Ld. PCIT framed a view that the Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ahkarita Maryadit, Indore Vs. ITO-4(5) dated 17.12.2019, a copy placed before us. The relevant paragraph of the order reads thus: 9. In the present case, the undisputed fact is that the assessee society is required to deposit 25% of its profit as mandated by section 43(2) of the M.P./Chattisgarh Societies Act, 1960. Hence, the assessee is under legal obligation to keep 25% of its profits as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AO is neither erroneous non prejudicial to the interest of revenue and therefore the Ld. PCIT was not justified in invoking the revisionary-action u/s 263. Being so, we quash the revision-order passed by Ld. PCIT and restore the original assessment-order passed by Ld. AO. 7. In the result, assessee s appeal is allowed. Order pronounced as per Rule 34 of ITAT Rules, 1963 on 20/12/2022. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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