https://www.taxtmi.com/caselaws?id=391580 Section 263 revision requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue; a legally plausible view adopted by the Assessing Officer cannot be revised merely because another view is possible. Deduction under section 80P(2)(d) covers interest or dividend income earned by a co-operative society from investments with another co-operative society. For this purpose, deposits with co-operative banks may qualify where the bank is treated as a co-operative society. The exclusion applicable to co-operative banks under section 80P(4) does not necessarily deny the investing co-operative society's deduction, and mutuality is not a controlling requirement for this deduction. en-us Mon, 27 Jan 2020 00:00:00 +0530 Sat, 01 Feb 2020 07:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391580 Section 263 revision requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue; a legally plausible view adopted by the Assessing Officer cannot be revised merely because another view is possible. Deduction under section 80P(2)(d) covers interest or dividend income earned by a co-operative society from investments with another co-operative society. For this purpose, deposits with co-operative banks may qualify where the bank is treated as a co-operative society. The exclusion applicable to co-operative banks under section 80P(4) does not necessarily deny the investing co-operative society's deduction, and mutuality is not a controlling requirement for this deduction. Case-Laws Income Tax Mon, 27 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391580