Petit Towers Co-op. Housing Society Ltd. vs ITO

Authority: ITAT Tribunal/Court: Mumbai Date: 2021-09-01 AY: 2015-16 Section: 80P, 80P(2)(d), 263 Acts: Income Tax Act 1961, Co-operative Societies Act 1912 Result: Assessee Citation: 921Taxpundit412 Justices: S.RIFAUR RAHMAN AM & RAVISH SOOD JM Appeal No: ITA No.549/MUM/2021
Whether the Pr. CIT validly exercised revisional jurisdiction u/s 263 to set aside an assessment order passed under limited scrutiny for issues beyond its scope --- Held No. Whether interest income from co-operative banks qualifies for deduction u/s 80P(2)(d) --- Held Yes.

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