https://www.taxtmi.com/caselaws?id=449180 ITAT Indore held that assessee cooperative society was entitled to deduction under section 80P(2)(d) for interest income from deposits in cooperative bank. The tribunal found that Principal CIT lacked jurisdiction to invoke section 263 revision powers as the AO had taken a possible view on the issue. Following precedent in Pr. CIT vs. Bhopal Dugdh Sangh Sahakari Maryadit, the tribunal ruled that investment of surplus funds in cooperative banks qualifies for the deduction. The Principal CIT's order under section 263 was set aside and assessee's appeal was allowed. en-us Tue, 30 Jan 2024 00:00:00 +0530 Tue, 06 Feb 2024 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449180 ITAT Indore held that assessee cooperative society was entitled to deduction under section 80P(2)(d) for interest income from deposits in cooperative bank. The tribunal found that Principal CIT lacked jurisdiction to invoke section 263 revision powers as the AO had taken a possible view on the issue. Following precedent in Pr. CIT vs. Bhopal Dugdh Sangh Sahakari Maryadit, the tribunal ruled that investment of surplus funds in cooperative banks qualifies for the deduction. The Principal CIT's order under section 263 was set aside and assessee's appeal was allowed. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449180