Revision u/s. 263 justified as AO allowed deduction u/s. 80P(2)(a)(v) without adequate inquiry

Sankheda Jetpur Pavi Taluka Ginning Pressing Cotton Sale Co-op. Society Ltd Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that AO allowed the deduction under section 80P(2)(a)(v) of the Income Tax Act without adequate inquire. Accordingly, revisionary jurisdiction u/s. 263 rightly invoked as order passed by AO was erroneous and prejudicial to interest of revenue. Facts- The assessee, a cooperative society engaged in ginning and pressing raw cotton. The assessment was completed u/s. 143(3) of the Income Tax Act. However, upon reviewing the assessment records, Principal CIT was of the view that t...