ITAT Ranchi Quashes Section 263 Order – 80P Deduction Cannot Be Denied When AO Has Verified All Facts

Chotanagpur Catholic Mission Co-operative Credit Society Vs PCIT (ITAT Ranchi) Assessee, a registered co-operative credit society at Ranchi, provides banking & credit facilities exclusively to its members. It had been consistently allowed deduction u/s 80P(2) in earlier & subsequent assessment years.For A.Y. 2017-18, the assessment was completed u/s 143(3) on 09-12-2019. AO examined all records, including membership details (about 74,000 members), the nature of operations, fund deployment, & cash deposits during demonetisation, & allowed deduction u/s 80P. Subsequently, PCIT in...