https://www.taxtmi.com/caselaws?id=773644 ITAT Pune held that PCIT cannot invoke revision jurisdiction under section 263 when AO's order, though prejudicial to revenue, is not erroneous. The case involved a co-operative society's claim for deduction under section 80P(2)(a) or 80P(2)(d) on interest income from deposits with banks. AO examined the issue and obtained responses from assessee before allowing deduction. Following coordinate bench precedent in Talegaon Nagari Sahakari Patsanstha Limited, ITAT ruled AO took plausible view after proper inquiry. Since twin conditions for section 263 revision - order being both erroneous and prejudicial to revenue - were not fulfilled, PCIT's revision order was set aside and assessee's appeal allowed. en-us Tue, 17 Jun 2025 00:00:00 +0530 Thu, 26 Jun 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773644 ITAT Pune held that PCIT cannot invoke revision jurisdiction under section 263 when AO's order, though prejudicial to revenue, is not erroneous. The case involved a co-operative society's claim for deduction under section 80P(2)(a) or 80P(2)(d) on interest income from deposits with banks. AO examined the issue and obtained responses from assessee before allowing deduction. Following coordinate bench precedent in Talegaon Nagari Sahakari Patsanstha Limited, ITAT ruled AO took plausible view after proper inquiry. Since twin conditions for section 263 revision - order being both erroneous and prejudicial to revenue - were not fulfilled, PCIT's revision order was set aside and assessee's appeal allowed. Case-Laws Income Tax Tue, 17 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773644