https://www.taxtmi.com/caselaws?id=436011 The Tribunal allowed the appeal filed by the assessee, a cooperative society, holding that interest income earned on investments with cooperative banks qualifies for deduction under section 80P(2)(a)(i) of the Income Tax Act. The Tribunal cited various High Court decisions, including the Hon'ble Madras High Court and Hon'ble Calcutta High Court, to support its decision. The Tribunal reasoned that the legal debate on this issue precludes revision under section 263, ultimately allowing the appellant's claim for deduction. en-us Thu, 30 Mar 2023 00:00:00 +0530 Sat, 01 Apr 2023 08:22:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436011 The Tribunal allowed the appeal filed by the assessee, a cooperative society, holding that interest income earned on investments with cooperative banks qualifies for deduction under section 80P(2)(a)(i) of the Income Tax Act. The Tribunal cited various High Court decisions, including the Hon'ble Madras High Court and Hon'ble Calcutta High Court, to support its decision. The Tribunal reasoned that the legal debate on this issue precludes revision under section 263, ultimately allowing the appellant's claim for deduction. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436011