https://www.taxtmi.com/caselaws?id=303739 Interest earned by a co-operative credit society on surplus funds placed with a commercial bank was held not to form part of business profits eligible for deduction under section 80P(2)(a)(i) and was taxable as income from other sources. On that basis, the Principal Commissioner's revisionary action under section 263 was upheld because the assessment order allowing the deduction was unsustainable, and the show cause notice and final revision order were found materially consistent on the core issue. The assessment was therefore treated as erroneous and prejudicial to the interests of revenue. en-us Mon, 21 Feb 2022 00:00:00 +0530 Mon, 08 Aug 2022 21:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303739 Interest earned by a co-operative credit society on surplus funds placed with a commercial bank was held not to form part of business profits eligible for deduction under section 80P(2)(a)(i) and was taxable as income from other sources. On that basis, the Principal Commissioner's revisionary action under section 263 was upheld because the assessment order allowing the deduction was unsustainable, and the show cause notice and final revision order were found materially consistent on the core issue. The assessment was therefore treated as erroneous and prejudicial to the interests of revenue. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303739