HETIA SAMABAY KRISHI UNNAYAN SAMITY LIMITED,BANKURA vs. P.C.I.T., ASANSOL

At the outset, we note that the appeal of the assessee is barred by limitation by 86 days. At the time of hearing the counsel of the assessee explained the reason for delay in filing the appeal. The Ld. D.R did not raise any objection in condoning the delay. After hearing the rival contentions and perusing the materials available on record, we find that the

The only issue raised by the assessee is against the order of ld. PCIT passed u/s 263 of the Income-tax Act, 1961 thereby revising the assessment framed by the ld. AO vide order dated 02.03.2023, passed u/s 147 read with section 144B of the Act on the ground that deduction u/s 80P of the Act was wrongly allowed by the ld. AO.

After hearing the rival contentions and perusing the materials available on record and particularly, the assessment framed u/s 147 read with section 144B of the Act dated 02.03.2023, we note that the assessee has not claimed any deduction u/s 80P of the Act which fall Chapter VIA of the Act. Therefore, the action of the PCIT in invoking the Provisions of Section 263 of the Act is wrong and cannot be sustained. Consequently, we quash the order passed u/s 263 of the Act by allowing the appeal of the assessee.

In the result, the appeal of the assessee is allowed.