Mere Difference of Opinion with AO not a Base to Exercise Revision Jurisdiction under Income Tax Act: ITAT [Read Order]
The ITAT concluded that the Assessee, being a cooperative society, is entitled to the deduction under section 80P(2)(d) of the act in respect of income by way of interest derived by it from its investments with the cooperative banks
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a mere difference in opinion with the Assessing Officer ( AO ) is not a valid base to exercise Revisionary Jurisdiction under the Income Tax Act, 1961. The Tribunal quashed the revision order under Section 263 of the act. Mullanpur…
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