MUMBAI POSTAL EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD,MUMBAI vs. INCOME TAX OFFICER, WARD 17(2)(1), MUMBAI

ITA 1051/MUM/2023Status: DisposedITAT Mumbai16 August 2023AY 2016-201720 pages
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What did the Tribunal hold?

The Tribunal held that the Assessing Officer had made sufficient inquiries during the assessment, and the order was not erroneous or prejudicial to the revenue. Therefore, the revision order passed by the Principal CIT was set aside.

What were the facts?

The assessee, a cooperative credit society, claimed deduction under Section 80P for interest and dividend income earned from a cooperative bank. The Assessing Officer allowed this deduction after scrutiny. The Principal CIT initiated revision proceedings under Section 263, considering the order erroneous and prejudicial to revenue.

What were the issues?

Whether the Principal CIT was justified in revising the assessment order under Section 263 when the Assessing Officer had made adequate inquiries and the order was not erroneous or prejudicial to the revenue?

Which sections of the Income-tax Act were involved?

Section 80P,Section 263,Section 143(3),Section 142(1),Section 80P(2)(a)(i),Section 80P(2)(d),Section 80P(4)

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Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA & SHRI AMARJIT SINGH

Hearing: 24.07.2023Pronounced: 16.08.2023

Per Amarjit Singh (AM): Both these appeals filed by the assessee for assessment year 2015-16 & 2016-17 are based on identical issue on similar facts, therefore, for the sake of convenience both these appeals are adjudicated together by taking ITA No.1050/Mum/2023 as a lead case and its finding will be applied mutatis mutandis to ITA No.1051/Mum/2023. P a g e | 2 ITA Nos. 1050 & 1051/Mum/2023 Mumbai Po

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