https://www.taxtmi.com/caselaws?id=438330 The Tribunal reversed the Principal Commissioner of Income Tax's revision directions, restoring the original assessment in favor of the assessee. It held that interest income from cooperative banks qualifies for deduction under section 80P(2)(a)(i) and 80P(2)(d) based on judicial precedents, rejecting the PCIT's assertion of erroneous assessment. The decision aligned with previous tribunal rulings and a jurisdictional high court decision, emphasizing the eligibility of such interest income for exemption under the Income Tax Act. en-us Thu, 25 May 2023 00:00:00 +0530 Mon, 29 May 2023 09:06:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438330 The Tribunal reversed the Principal Commissioner of Income Tax's revision directions, restoring the original assessment in favor of the assessee. It held that interest income from cooperative banks qualifies for deduction under section 80P(2)(a)(i) and 80P(2)(d) based on judicial precedents, rejecting the PCIT's assertion of erroneous assessment. The decision aligned with previous tribunal rulings and a jurisdictional high court decision, emphasizing the eligibility of such interest income for exemption under the Income Tax Act. Case-Laws Income Tax Thu, 25 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438330