Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

Proceedings under Section 263 of the Act was initiated for two reasons. First was for allowing deduction of Rs.50,000/- to the assessee u/s.80P(2) (c) (ii) of the Act, when it had a trading loss of Rs.1,11,097.76. Assessee has no grievance on this. Its grievance is limited to revisionary powers exercised by the Id. CIT on interest expenditure claimed and allowed against interest income assessed under the head income from other sources. It is not disputed that assessee had received interest income of Rs.5,44,500/- on its deposits placed with treasury. During the course of original assessment pr...