https://www.taxtmi.com/caselaws?id=754439 Interest earned on fixed deposits placed with a district central co-operative bank as a statutory investment was treated as having a business nexus with the assessee's credit activity, because the deposits were made under compulsion of the Karnataka Co-operative Societies Act, 1959 and the relevant rules to satisfy liquidity and reserve requirements. On that basis, the assessment allowing deduction under section 80P(2)(a)(i) was not erroneous or prejudicial merely because the revisional authority preferred a different view on tax treatment. The revisional jurisdiction under section 263 was therefore not available in these circumstances. en-us Thu, 11 Jan 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754439 Interest earned on fixed deposits placed with a district central co-operative bank as a statutory investment was treated as having a business nexus with the assessee's credit activity, because the deposits were made under compulsion of the Karnataka Co-operative Societies Act, 1959 and the relevant rules to satisfy liquidity and reserve requirements. On that basis, the assessment allowing deduction under section 80P(2)(a)(i) was not erroneous or prejudicial merely because the revisional authority preferred a different view on tax treatment. The revisional jurisdiction under section 263 was therefore not available in these circumstances. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754439