https://www.taxtmi.com/caselaws?id=456602 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue, and it cannot be invoked merely because the Principal Commissioner prefers a different view when the Assessing Officer has adopted a plausible view on the material before him. The note also records that interest income earned by a co-operative society from deposits with a co-operative bank was treated as eligible for deduction under section 80P(2)(d) in light of binding jurisdictional precedent. The revisional action was therefore unsustainable on the stated facts, and the original assessment was restored. en-us Fri, 21 Apr 2023 00:00:00 +0530 Sat, 03 Aug 2024 15:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456602 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue, and it cannot be invoked merely because the Principal Commissioner prefers a different view when the Assessing Officer has adopted a plausible view on the material before him. The note also records that interest income earned by a co-operative society from deposits with a co-operative bank was treated as eligible for deduction under section 80P(2)(d) in light of binding jurisdictional precedent. The revisional action was therefore unsustainable on the stated facts, and the original assessment was restored. Case-Laws Income Tax Fri, 21 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456602