https://www.taxtmi.com/caselaws?id=764703 Gujarat HC dismissed revision petition under section 263, upholding tribunal's decision allowing deduction under section 80P(2)(d) for interest earned from cooperative bank. Court followed precedent in Ashwinkumar Arban Cooperative Society Limited case, holding that cooperative bank qualified as cooperative society under Gujarat State Cooperative Societies Act. PCIT's invocation of revisional powers was unjustified as assessment was neither erroneous nor prejudicial to revenue interests. Twin conditions for section 263 not satisfied. Decided in favor of assessee. en-us Tue, 24 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764703 Gujarat HC dismissed revision petition under section 263, upholding tribunal's decision allowing deduction under section 80P(2)(d) for interest earned from cooperative bank. Court followed precedent in Ashwinkumar Arban Cooperative Society Limited case, holding that cooperative bank qualified as cooperative society under Gujarat State Cooperative Societies Act. PCIT's invocation of revisional powers was unjustified as assessment was neither erroneous nor prejudicial to revenue interests. Twin conditions for section 263 not satisfied. Decided in favor of assessee. Case-Laws Income Tax Tue, 24 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764703