https://www.taxtmi.com/caselaws?id=440987 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) could not validly assume jurisdiction under section 263 regarding the exemption of interest income earned by a cooperative society from deposits with banks. The Tribunal emphasized the debatable nature of the issue, citing conflicting High Court opinions on the eligibility of such income for exemption under section 80P(2)(a)(i) of the Income Tax Act, 1961. Relying on judicial precedents and the decision in Malabar Industrial Co. Ltd. vs. CIT, the Tribunal allowed the appeals, concluding that the interest income qualified for deduction under section 80P(2)(a)(i) for all 29 assessees. en-us Tue, 23 May 2023 00:00:00 +0530 Mon, 31 Jul 2023 06:52:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440987 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) could not validly assume jurisdiction under section 263 regarding the exemption of interest income earned by a cooperative society from deposits with banks. The Tribunal emphasized the debatable nature of the issue, citing conflicting High Court opinions on the eligibility of such income for exemption under section 80P(2)(a)(i) of the Income Tax Act, 1961. Relying on judicial precedents and the decision in Malabar Industrial Co. Ltd. vs. CIT, the Tribunal allowed the appeals, concluding that the interest income qualified for deduction under section 80P(2)(a)(i) for all 29 assessees. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440987