https://www.taxtmi.com/caselaws?id=415737 ITAT Mumbai held that revision under section 263 could not be used to disturb an assessment allowing deduction on interest income from deposits with a co-operative bank. The underlying deduction claim was already supported by binding Supreme Court authority, and section 80P(4) was held inapplicable absent material showing that the recipient was a co-operative bank licensed by the RBI to carry on banking business. Since the assessment order was legally sustainable on the merits, it could not be treated as erroneous for revisionary purposes, and the revisionary order was set aside. en-us Mon, 15 Nov 2021 00:00:00 +0530 Mon, 13 Dec 2021 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415737 ITAT Mumbai held that revision under section 263 could not be used to disturb an assessment allowing deduction on interest income from deposits with a co-operative bank. The underlying deduction claim was already supported by binding Supreme Court authority, and section 80P(4) was held inapplicable absent material showing that the recipient was a co-operative bank licensed by the RBI to carry on banking business. Since the assessment order was legally sustainable on the merits, it could not be treated as erroneous for revisionary purposes, and the revisionary order was set aside. Case-Laws Income Tax Mon, 15 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415737