The assessee society is registered under the Maharashtra Co-operative Credit Societies Act, 1960 which takes within the sweep of the definition of “Member” even “Nominal Members” omission on the part of the 40 in not bringing on record the transactions entered into by the assessee society with its nominal members and allowing deduction under S.\u00a0 80P qua such transactions did not render his order erroneous insofar as it was prejudicial to the interests of the Revenue. AO having taken one of the plausible views in allowing deduction under s. 80P(2)(a)(i) qua interest earned by the assessee society on its deposits with scheduled banks, the order of the AO could not be held as erroneous\u00a0 insofar as prejudicial to the interest of the Revenue in exercise of jurisdiction under s. 263 of the Act.\u00a0 Failure on the part of the AO to disallow the delayed deposit of the employees’ contribution towards PF under S.\u00a0 36(1)(va) did not render his order erroneous insofar it was prejudicial to the interest of the Revenue under S.263 of the Act. (AY. 2013-14, 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Delayed deposit of the employees’ contribution towards Provident fund-Revision is not valid [S. 36(1)(va),43B, 80P(2)(a)(i)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37172","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Fy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37172"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37172\/revisions"}],"predecessor-version":[{"id":37173,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37172\/revisions\/37173"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}