https://www.taxtmi.com/caselaws?id=420728 Section 263 revision could not be sustained where the Assessing Officer had adopted a plausible view on deductions claimed by a co-operative credit society. Transactions with nominal members were eligible under section 80P(2)(a)(i) because the Maharashtra Co-operative Societies Act includes nominal members within the definition of member, and a contrary Supreme Court ruling under a different State law was inapplicable. Interest on deposits with scheduled commercial banks was also treated as a debatable issue, so the assessment could not be branded erroneous merely because another view was possible. The omission to disallow delayed employees' provident fund contribution under section 36(1)(va) was likewise not accepted as prejudicial on the facts considered. The revisional orders were therefore set aside and the original assessments restored. en-us Wed, 06 Apr 2022 00:00:00 +0530 Fri, 08 Apr 2022 08:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420728 Section 263 revision could not be sustained where the Assessing Officer had adopted a plausible view on deductions claimed by a co-operative credit society. Transactions with nominal members were eligible under section 80P(2)(a)(i) because the Maharashtra Co-operative Societies Act includes nominal members within the definition of member, and a contrary Supreme Court ruling under a different State law was inapplicable. Interest on deposits with scheduled commercial banks was also treated as a debatable issue, so the assessment could not be branded erroneous merely because another view was possible. The omission to disallow delayed employees' provident fund contribution under section 36(1)(va) was likewise not accepted as prejudicial on the facts considered. The revisional orders were therefore set aside and the original assessments restored. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420728