https://www.taxtmi.com/caselaws?id=391580 Section 263 revision is permissible only where an assessment order is both erroneous and prejudicial to the Revenue; a merely debatable view or a legally plausible view taken by the Assessing Officer does not justify revision. On that basis, revisional action was held unsustainable. The note also states that interest earned by a co-operative society from deposits with co-operative banks qualifies for deduction under section 80P(2)(d), because co-operative banks were treated as co-operative societies for that purpose and the deduction was not defeated by section 80P(4). Mutuality was held not to be 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 is permissible only where an assessment order is both erroneous and prejudicial to the Revenue; a merely debatable view or a legally plausible view taken by the Assessing Officer does not justify revision. On that basis, revisional action was held unsustainable. The note also states that interest earned by a co-operative society from deposits with co-operative banks qualifies for deduction under section 80P(2)(d), because co-operative banks were treated as co-operative societies for that purpose and the deduction was not defeated by section 80P(4). Mutuality was held not to be 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