https://www.taxtmi.com/caselaws?id=460736 Revision under section 263 concerns whether interest earned from investments in banks qualifies for deduction under section 80P, and whether the assessment order was erroneous and prejudicial to Revenue. The text focuses on the argument that interest from investments in a bank that is not a cooperative society is not deductible under section 80P(2)(d), relying on Totgars Cooperative Sale Society Ltd. It also raises the effect of section 80P(4) on the availability of deduction to cooperative banks and the question whether a different view by the AO can justify avoiding revision where the original order is said to reflect non-application of mind. en-us Mon, 25 Apr 2022 00:00:00 +0530 Thu, 13 Feb 2025 19:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460736 Revision under section 263 concerns whether interest earned from investments in banks qualifies for deduction under section 80P, and whether the assessment order was erroneous and prejudicial to Revenue. The text focuses on the argument that interest from investments in a bank that is not a cooperative society is not deductible under section 80P(2)(d), relying on Totgars Cooperative Sale Society Ltd. It also raises the effect of section 80P(4) on the availability of deduction to cooperative banks and the question whether a different view by the AO can justify avoiding revision where the original order is said to reflect non-application of mind. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460736