https://www.taxtmi.com/caselaws?id=411128 Interest earned by a co-operative society on deposits with banks was treated as not eligible for deduction under section 80P(2)(a)(i) or section 80P(2)(d), so the revisional view under section 263 was upheld on that main issue. However, the assessee's specific contention that the deposits were made under statutory compulsion under the Karnataka Co-operative Societies Act and Rules had not been examined earlier, so that factual question required fresh verification by the Assessing Officer. The revisional order therefore stood substantially sustained, with only the limited issue of statutory necessity remanded for reconsideration. en-us Fri, 13 Aug 2021 00:00:00 +0530 Wed, 18 Aug 2021 09:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411128 Interest earned by a co-operative society on deposits with banks was treated as not eligible for deduction under section 80P(2)(a)(i) or section 80P(2)(d), so the revisional view under section 263 was upheld on that main issue. However, the assessee's specific contention that the deposits were made under statutory compulsion under the Karnataka Co-operative Societies Act and Rules had not been examined earlier, so that factual question required fresh verification by the Assessing Officer. The revisional order therefore stood substantially sustained, with only the limited issue of statutory necessity remanded for reconsideration. Case-Laws Income Tax Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411128