https://www.taxtmi.com/caselaws?id=427396 The ITAT Pune allowed the appeal filed by a cooperative society against the Principal Commissioner's order under section 263 of the Income Tax Act for the assessment year 2014-15. The ITAT Pune held that the interest income earned from cooperative banks qualified for deduction and exemption under relevant sections of the Act. It emphasized that the interest income was attributable to the society's activities and eligible for exemption. The ITAT Pune also noted that any disallowance of expenses would not enhance assessed income significantly. Consequently, the ITAT Pune found the Principal Commissioner's revision order unsustainable and ruled in favor of the appellant. en-us Fri, 26 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427396 The ITAT Pune allowed the appeal filed by a cooperative society against the Principal Commissioner's order under section 263 of the Income Tax Act for the assessment year 2014-15. The ITAT Pune held that the interest income earned from cooperative banks qualified for deduction and exemption under relevant sections of the Act. It emphasized that the interest income was attributable to the society's activities and eligible for exemption. The ITAT Pune also noted that any disallowance of expenses would not enhance assessed income significantly. Consequently, the ITAT Pune found the Principal Commissioner's revision order unsustainable and ruled in favor of the appellant. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427396