https://www.taxtmi.com/caselaws?id=255622 The High Court held that a Credit Co-operative Society, not being a Co-operative Bank, was eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The Court clarified that Section 80P(4) aimed to exclude Co-operative banks, not societies providing credit facilities, from benefits. Emphasizing that the order must be both erroneous and prejudicial to revenue for Section 263 to apply, the Court found no such errors in the Assessing Officer's decision. Consequently, the Court upheld the Tribunal's ruling, affirming that the Revisional Authority's decision lacked merit due to the assessee's status as a Co-operative society. en-us Wed, 05 Feb 2014 00:00:00 +0530 Wed, 24 Jun 2015 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255622 The High Court held that a Credit Co-operative Society, not being a Co-operative Bank, was eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The Court clarified that Section 80P(4) aimed to exclude Co-operative banks, not societies providing credit facilities, from benefits. Emphasizing that the order must be both erroneous and prejudicial to revenue for Section 263 to apply, the Court found no such errors in the Assessing Officer's decision. Consequently, the Court upheld the Tribunal's ruling, affirming that the Revisional Authority's decision lacked merit due to the assessee's status as a Co-operative society. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255622