https://www.taxtmi.com/caselaws?id=447628 A co-operative society that is not itself a co-operative bank and does not carry on banking business with a banking licence remains eligible for deduction under section 80P(2)(a)(i) on interest income earned from deposits with co-operative banks. The Tribunal applied settled precedent that section 80P(4) does not exclude such a society from the deduction. As the Assessing Officer had correctly allowed the claim, the assessment was not erroneous or prejudicial to the Revenue, and revision under section 263 could not be sustained. The revision order was therefore unjustified and the deduction was upheld. en-us Fri, 29 Dec 2023 00:00:00 +0530 Mon, 01 Jan 2024 07:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447628 A co-operative society that is not itself a co-operative bank and does not carry on banking business with a banking licence remains eligible for deduction under section 80P(2)(a)(i) on interest income earned from deposits with co-operative banks. The Tribunal applied settled precedent that section 80P(4) does not exclude such a society from the deduction. As the Assessing Officer had correctly allowed the claim, the assessment was not erroneous or prejudicial to the Revenue, and revision under section 263 could not be sustained. The revision order was therefore unjustified and the deduction was upheld. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447628