https://www.taxtmi.com/caselaws?id=456602 Revisional jurisdiction under section 263 cannot be exercised merely because the Principal Commissioner prefers a different view where the Assessing Officer adopted a plausible view after scrutiny and the assessment is not both erroneous and prejudicial to Revenue. Interest earned by a co-operative society on deposits with a co-operative bank qualifies for deduction under section 80P(2)(d) where binding jurisdictional precedent supports that treatment. Lack of proper opportunity before the revisional authority further undermines revision. The revisional order was quashed and the original assessment 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 Revisional jurisdiction under section 263 cannot be exercised merely because the Principal Commissioner prefers a different view where the Assessing Officer adopted a plausible view after scrutiny and the assessment is not both erroneous and prejudicial to Revenue. Interest earned by a co-operative society on deposits with a co-operative bank qualifies for deduction under section 80P(2)(d) where binding jurisdictional precedent supports that treatment. Lack of proper opportunity before the revisional authority further undermines revision. The revisional order was quashed and the original assessment restored. Case-Laws Income Tax Fri, 21 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456602