BHILWARA ZILA DUGDH UTPADAK SANGH LTD.,BHILWARA vs. PR. CIT, UDAIPUR

ITA 453/JODH/2025Status: DisposedITAT Jodhpur12 August 2026AY 2020-2116 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer's order was not erroneous as it was based on a binding jurisdictional High Court judgment. Therefore, the Principal Commissioner's revisionary order under section 263 was unsustainable.

What were the facts?

The assessee, a co-operative society, claimed deduction under section 80P(2)(d) on interest income from a Regional Rural Bank. The Assessing Officer allowed the deduction, relying on a jurisdictional High Court judgment in the assessee's own case.

What were the issues?

Whether the Principal Commissioner validly exercised revisionary jurisdiction under section 263 when the Assessing Officer followed a binding jurisdictional High Court judgment. Whether interest income from a Regional Rural Bank is eligible for deduction under section 80P(2)(d).

Which sections of the Income-tax Act were involved?

Section 80P,Section 263,Section 80P(2)(d),Section 80P(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JODHPUR BENCH, JODHPUR

For Respondent: DR (Physical)

PER BENCH: The aforesaid appeal has been filed by the assessee against the impugned order passed by the Ld. Principal Commissioner of Income Tax, Udaipur under section 263 of the Income-tax Act, 1961 for the Assessment Year 2020-21, whereby the assessment order dated 19.09.2022 passed under section 143(3) read with section 144B has been held to be erroneous insofar as it is prejudicial to the interests of the Revenue and has been partly set aside to the file of the Assessing Officer. The principal issue on which revisionary juri iction has been 2 Asst. Year: 2020-21 exercised relates to deduction under section 80P(2)(d) in respect of interest income of Rs.2,84,39,130/- earned by the assessee from

The order continues below.

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