https://www.taxtmi.com/caselaws?id=751268 Interest earned from surplus funds placed in co-operative bank deposits was treated as not deductible under the special deduction provisions for co-operative societies, because such income was not regarded as attributable to the business of providing credit facilities to members and a co-operative bank was not equated with a co-operative society for that purpose. On that basis, the assessment order allowing the deduction was considered erroneous and prejudicial to the interests of the revenue, so revision under section 263 was held sustainable. The Tribunal found no infirmity in the revision order and the assessee's challenge failed. en-us Fri, 05 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751268 Interest earned from surplus funds placed in co-operative bank deposits was treated as not deductible under the special deduction provisions for co-operative societies, because such income was not regarded as attributable to the business of providing credit facilities to members and a co-operative bank was not equated with a co-operative society for that purpose. On that basis, the assessment order allowing the deduction was considered erroneous and prejudicial to the interests of the revenue, so revision under section 263 was held sustainable. The Tribunal found no infirmity in the revision order and the assessee's challenge failed. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751268