https://www.taxtmi.com/caselaws?id=753238 ITAT Chandigarh allowed the appeal of a cooperative society against PCIT's revision order under section 263. The case involved interest income from long-term fixed deposits with banks claimed as deduction under section 80P(2)(d). ITAT held that the AO had properly applied his mind while allowing the deduction, making PCIT's revision erroneous. Following precedents from ITAT Jaipur, the tribunal confirmed that cooperative societies are entitled to deduction under section 80P(2)(d) for interest income from cooperative banks. The revisionary order was set aside and the original assessment order was restored. en-us Thu, 16 May 2024 00:00:00 +0530 Wed, 29 May 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753238 ITAT Chandigarh allowed the appeal of a cooperative society against PCIT's revision order under section 263. The case involved interest income from long-term fixed deposits with banks claimed as deduction under section 80P(2)(d). ITAT held that the AO had properly applied his mind while allowing the deduction, making PCIT's revision erroneous. Following precedents from ITAT Jaipur, the tribunal confirmed that cooperative societies are entitled to deduction under section 80P(2)(d) for interest income from cooperative banks. The revisionary order was set aside and the original assessment order was restored. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753238