https://www.taxtmi.com/caselaws?id=428665 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under Section 263. The Tribunal held that the Assessing Officer had conducted necessary inquiries and taken a plausible view on the deduction under Section 80P(2)(a)(i), determining that the order was not erroneous or prejudicial to the revenue. The interest income earned from cooperative banks was found to be directly linked to the business activities of the cooperative society, qualifying for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Fri, 23 Sep 2022 00:00:00 +0530 Fri, 07 Oct 2022 13:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428665 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under Section 263. The Tribunal held that the Assessing Officer had conducted necessary inquiries and taken a plausible view on the deduction under Section 80P(2)(a)(i), determining that the order was not erroneous or prejudicial to the revenue. The interest income earned from cooperative banks was found to be directly linked to the business activities of the cooperative society, qualifying for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428665