https://www.taxtmi.com/caselaws?id=383382 The Tribunal found that the Trust was a legitimate member of the cooperative society, and the funds given were in the form of a loan, not a deposit. It concluded that the interest received was eligible for deduction under section 80P of the Income Tax Act. As there was no error in the assessment order and no revenue loss causing prejudice, the Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and restored the original assessment order, ruling in favor of the assessee. en-us Wed, 17 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383382 The Tribunal found that the Trust was a legitimate member of the cooperative society, and the funds given were in the form of a loan, not a deposit. It concluded that the interest received was eligible for deduction under section 80P of the Income Tax Act. As there was no error in the assessment order and no revenue loss causing prejudice, the Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and restored the original assessment order, ruling in favor of the assessee. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383382