Non-dealing with alternative claim cannot be reason for revisionary jurisdiction u/s 263

Laxmi Bachat Sharafi Sahkari Mandali Ltd. Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that exercising revisionary jurisdiction u/s 263 of the Income Tax Act for not dealing with alternative claim and claiming the order of AO as prejudicial to the interest of revenue is not sustainable as anyhow deduction was available to the assessee. Facts- On verification of records, the PCIT noted that the assessee had received substantial interest on Fixed deposits from various banks including ADC Bank and Mehsana Urban Bank which did not qualify for deduction u/s 80P(2)(d) of the Act and he initiated revi...