https://www.taxtmi.com/caselaws?id=312571 ITAT Pune set aside PCIT's revision order under section 263 regarding section 80P deduction claim. The cooperative society taxpayer had claimed deduction on interest income from deposits in cooperative banks, which AO allowed but PCIT sought to disallow. Tribunal held that while cooperative banks cannot claim section 80P deduction post-amendment, cooperative societies can still claim deduction under section 80P(2)(d) on interest from investments in cooperative banks since they remain registered cooperative societies. AO's view was deemed legally sustainable, making PCIT's revision unjustified. Assessment order under section 143(3) restored in taxpayer's favor. en-us Tue, 06 Dec 2022 00:00:00 +0530 Mon, 26 Feb 2024 06:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312571 ITAT Pune set aside PCIT's revision order under section 263 regarding section 80P deduction claim. The cooperative society taxpayer had claimed deduction on interest income from deposits in cooperative banks, which AO allowed but PCIT sought to disallow. Tribunal held that while cooperative banks cannot claim section 80P deduction post-amendment, cooperative societies can still claim deduction under section 80P(2)(d) on interest from investments in cooperative banks since they remain registered cooperative societies. AO's view was deemed legally sustainable, making PCIT's revision unjustified. Assessment order under section 143(3) restored in taxpayer's favor. Case-Laws Income Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312571