https://www.taxtmi.com/caselaws?id=773647 ITAT Pune quashed PCIT's revision order u/s 263 regarding deduction u/s 80P(2)(a)(i) for interest income from cooperative bank investments. AO had conducted detailed enquiry and applied proportionate expense disallowance method calculating 6.7% based on total revenue to interest ratio. ITAT held AO's assessment was neither erroneous nor prejudicial to revenue as proper application of mind was evident and legally permissible view was taken. Interest from cooperative banks remains eligible for s.80P(2)(d) deduction. Assessment order restored, assessee's appeal allowed. en-us Mon, 23 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773647 ITAT Pune quashed PCIT's revision order u/s 263 regarding deduction u/s 80P(2)(a)(i) for interest income from cooperative bank investments. AO had conducted detailed enquiry and applied proportionate expense disallowance method calculating 6.7% based on total revenue to interest ratio. ITAT held AO's assessment was neither erroneous nor prejudicial to revenue as proper application of mind was evident and legally permissible view was taken. Interest from cooperative banks remains eligible for s.80P(2)(d) deduction. Assessment order restored, assessee's appeal allowed. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773647